{"id":51841,"date":"2023-08-23T02:41:25","date_gmt":"2023-08-23T06:41:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-prices-push-past-1900-as-dollar-yields-cool\/"},"modified":"2023-08-23T02:41:26","modified_gmt":"2023-08-23T06:41:26","slug":"gold-prices-push-past-1900-as-dollar-yields-cool","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51841","title":{"rendered":"Gold prices push past $1,900 as dollar, yields cool"},"content":{"rendered":"
\n

Investing.com — Gold prices rose slightly on Wednesday, taking some support from a pullback in the dollar and Treasury yields, although focus remained largely on the Jackson Hole Symposium later this week.<\/p>\n

The yellow metal saw some relief this week as the rally paused at two-month highs, while fell slightly after reaching over 20-year peaks.\u00a0<\/p>\n

This allowed spot prices to retake the $1,900 an ounce level on Tuesday, although the outlook for the yellow metal still remained dull amid concerns over higher U.S. interest rates.<\/p>\n

rose 0.2% to $1,901.31 an ounce, while expiring in December rose 0.2% to $1,929.55 an ounce by 00:09 ET (04:09 GMT).\u00a0<\/p>\n

Jackson Hole, Powell speech in focus\u00a0<\/h2>\n

Markets were now focused squarely on an address by Federal Reserve Chair Jerome Powell at the on Friday.<\/p>\n

Analysts warned that Powell could flag an era of higher U.S. interest rates, especially given that inflation has remained sticky and the labor market is strong.<\/p>\n

Any signals on higher U.S. rates are likely to spark more losses in gold, given that rising rates push up the opportunity cost of investing in the yellow metal.<\/p>\n

This trade had battered gold over the past year, with the metal coming under renewed pressure in August after data showed U.S. inflation remained sticky in July.<\/p>\n

Despite a recovery this week, gold prices were still trading close to five-month lows, with a recovery in the yellow metal expected to be short-lived as U.S. rates remain higher for longer.<\/p>\n

Copper firms with China, PMIs in focus\u00a0<\/h2>\n

Among industrial metals, copper prices also benefited from weakness in the dollar, with rising 0.4% to $3.7707 a pound on Wednesday.<\/p>\n

Investors were awaiting a slew of purchasing managers\u2019 index (PMI) readings from the and the , due later in the day, for more cues on global manufacturing activity.<\/p>\n

Readings from and showed some resilience, although the outlook for the two economies remained under pressure from souring sentiment towards China.\u00a0<\/p>\n

Also in focus was any more stimulus measures from China, after the People\u2019s Bank disappointed markets with a smaller-than-expected interest rate cut this week.<\/p>\n

China is the world\u2019s largest copper importer, and is facing a slowing post-COVID economic recovery due to headwinds from weak spending and a potential property market crisis.<\/p>\n

Concerns over China had also battered copper prices over the past year.<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Gold prices rose slightly on Wednesday, taking some support from a pullback in the dollar and Treasury yields, although focus remained largely on the Jackson Hole Symposium later this week. The yellow metal saw some relief this week as the rally paused at two-month highs, while fell slightly after reaching over 20-year peaks.\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":11879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-51841","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold prices push past $1,900 as dollar, yields cool | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Gold prices rose slightly on Wednesday, taking some support from a pullback in the dollar and Treasury yields, although focus remained\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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