{"id":50088,"date":"2023-08-18T11:17:48","date_gmt":"2023-08-18T15:17:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-climbs-looks-to-snap-longest-losing-streak-since-2017\/"},"modified":"2023-08-18T11:17:50","modified_gmt":"2023-08-18T15:17:50","slug":"gold-climbs-looks-to-snap-longest-losing-streak-since-2017","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=50088","title":{"rendered":"Gold climbs, looks to snap longest losing streak since 2017"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002414816\" role=\"document\">\n<p>Gold futures ticked higher Friday and may snap a nine-day losing streak sparked by a sharp rise in global bond yields and a stronger U.S. dollar.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for December delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.35%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"positive\">+0.35%<\/bg-quote><br \/>\n       rose $8.80, or 0.5%, to $1,924 an ounce on Comex, leaving it on track for a 1.2% weekly fall, FactSet data show.<\/p>\n<\/li>\n<li>\n      September silver<br \/>\n        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.35%<\/bg-quote><br \/>\n       was up 11 cents or 0.5%, at $22.83 an ounce, trading around 0.3% higher for the week.<\/p>\n<\/li>\n<li>\n      October platinum<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+2.22%<\/bg-quote><br \/>\n       gained $16.20, or 1.8%, to trade at $911.80 an ounce, while September palladium<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+2.21%<\/bg-quote><br \/>\n       rose $23.50, or 1.9%, to $1,244 an ounce.<\/p>\n<\/li>\n<li>\n      September copper<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"positive\">+0.14%<\/bg-quote><br \/>\n       edged up by half a cent to $3.697 a pound.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold\u2019s nine-day drop through Thursday, its longest losing streak since March 2017, has come as Treasury yields have broke out to the upside, with the 10-year yield<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       rising above 4.25% to a 15-year high. The dollar has rallied alongside, with the ICE U.S. Dollar Index<br \/>\n        DXY<br \/>\n       up 0.7% this week and around 1.6% so far in August.<\/p>\n<div class=\"paywall\">\n<p>For gold, \u201cbears are clearly in the building and could dominate the scene further given the right fundamentals forces,\u201d Lukman Otunuga, manager, market analysis, at FXTM, told MarketWatch.<\/p>\n<p>Rising yields and a stronger dollar, driven by strong U.S. economic data that has reinforced expectations the Federal Reserve will keep rates \u201chigher for longer,\u201d are getting much of the blame for gold\u2019s slide. Rising yields raise the opportunity cost of holding a nonyielding asset like gold, while a stronger dollar can be a negative for commodities priced in the unit by making them more expensive to users of other currencies.<\/p>\n<p>\u201cThe recent renewed rise in U.S. yields dampens investor interest, among both the more short-term-oriented speculative financial investors and the ETF investors,\u201d said Barbara Lambrecht, commodity analyst at Commerzbank, in a Friday note.<\/p>\n<p>\u201cIn this environment, the physical demand in Asia can hardly do anything to help, and China\u2019s gold imports are unlikely to move prices,\u201d she said.<\/p>\n<p>Attention will instead focus on next week\u2019s U.S. monetary policy symposium in Jackson Hole, Wyoming, where Federal Reserve  Chair Jerome Powell is expected to speak. <\/p>\n<p>\u201cThis is a major event where central bankers and financial heavyweights come together to tackle pressing economic issues that impact the entire world,\u201d said Otunuga. \u201cWhen considering how such a gathering could provide investors with critical insights into the Fed\u2019s stance on rates, gold may be in for a rollercoaster ride.\u201d<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span>When considering how the Jackson Hole, Wy. monetary policy symposium \u201ccould provide investors with critical insights into the Fed\u2019s stance on rates, gold may be in for a rollercoaster ride.\u201d <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span>\n      <\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Lukman Otunuga, FXTM<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>If Powell is seen indicating another interest rate increase is likely, gold could fall \u201csomewhat further still,\u201d  Commerzbank\u2019s Lambrecht said, though Commerzbank expects that Powell won\u2019t commit to a move.<\/p>\n<p>Commerzbank contends U.S. policy interest rates have already peaked, which will set the stage for a recovery by gold \u201cas soon as there are also clear signs that the market has acknowledged this,\u201d she said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-steadies-attempts-to-snap-longest-losing-streak-since-2017-b7a554c5?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures ticked higher Friday and may snap a nine-day losing streak sparked by a sharp rise in global bond yields and a stronger U.S. dollar. Price action Gold for December delivery GC00, +0.35% GCZ23, +0.35% rose $8.80, or 0.5%, to $1,924 an ounce on Comex, leaving it on track for a 1.2% weekly fall, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-50088","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold climbs, looks to snap longest losing streak since 2017 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures ticked higher Friday and may snap a nine-day losing streak sparked by a sharp rise in global bond yields and a stronger U.S. dollar.Price\" \/>\n<meta name=\"robots\" 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