{"id":53220,"date":"2023-08-26T06:13:11","date_gmt":"2023-08-26T10:13:11","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-slips-but-logs-first-weekly-win-after-four-straight-losses\/"},"modified":"2023-08-26T06:13:13","modified_gmt":"2023-08-26T10:13:13","slug":"gold-slips-but-logs-first-weekly-win-after-four-straight-losses","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53220","title":{"rendered":"Gold slips but logs first weekly win after four straight losses"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002441302\" role=\"document\">\n<p>Gold prices declined on Friday as the U.S. dollar rose with Treasury yields after Federal Reserve Chair Jerome Powell left the door open to more interest-rate hikes later this year during his annual speech at the Kansas City Fed\u2019s economic symposium in Jackson Hole, Wyoming. <\/p>\n<p>But the pullback didn\u2019t stop gold prices from logging their first weekly gain after four straight weeks of losses. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.20%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"negative\">-0.20%<\/bg-quote><br \/>\n       fell by $7.20, or 0.4%, to settle at $1,939.90 per ounce on Comex, marking a back-to-back loss after a brief string of gains, Dow Jones Market Data show. <\/p>\n<\/li>\n<li>\n      Silver futures for September delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.23%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.23%<\/bg-quote><br \/>\n       gained 35 cents, or 1.5%, to settle at $24.58 per ounce after tacking on 4% Wednesday.<\/p>\n<\/li>\n<li>\n      October platinum<br \/>\n        PL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210261555\/delayed\" class=\"positive\">+0.92%<\/bg-quote><\/p>\n<p>        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.92%<\/bg-quote><br \/>\n       rose by $5.20, or 0.6%, to settle at $948 per ounce, while palladium for September delivery<br \/>\n        PA00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210237962\/delayed\" class=\"negative\">-1.25%<\/bg-quote><\/p>\n<p>        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-1.25%<\/bg-quote><br \/>\n       declined by $15.50, or 1.3%, to $1,229 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for September delivery<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"negative\">-0.15%<\/bg-quote><br \/>\n       rose by 1 cent, or 0.3%, to settle at $3.78 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Powell delivered his keynote address at Jackson Hole on Friday. Instead of bringing the pain for markets as he did last year, he was much more measured, reiterating promises to keep a careful eye on the economic data while leaving the door open to more interest-rate hikes.<\/p>\n<p><strong>See<\/strong>: Fed\u2019s Powell unsure of the need to raise interest rates further<\/p>\n<p>However, the rise in Treasury yields and the dollar helped renew pressure on the yellow metal Friday after a brief reprieve earlier in the week. <\/p>\n<p>OANDA\u2019s Craig Erlam explained why in a note to clients.<\/p>\n<p>\u201cIt\u2019s staged a small recovery this week but it\u2019s tentative at best and unless the narrative changes from the Fed, or we see significant improvements in the inflation data (or deterioration in labor market figures and elsewhere) it may struggle to generate much momentum to the upside,\u201d he said in emailed commentary. <\/p>\n<p>\u201cComments from Powell have not put traders\u2019 minds at ease and the traders are increasingly being forced to come to terms with rates remaining higher for even longer, strengthening the dollar and weighing on\u00a0gold\u00a0again today.\u201d<\/p>\n<p>Rising global bond yields and a stronger U.S. dollar have stoked a selloff in gold over the past month. The yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       rose 4 basis points to 4.274% on Friday. <\/p>\n<p>The ICE U.S. Dollar Index<br \/>\n        DXY<span>,<\/span><br \/>\n       a gauge of the dollar\u2019s strength against other major currencies, was trading up 0.1% at 104.08.   <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-slip-as-u-s-dollar-climbs-ahead-of-powells-jackson-hole-speech-5ab8313e?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices declined on Friday as the U.S. dollar rose with Treasury yields after Federal Reserve Chair Jerome Powell left the door open to more interest-rate hikes later this year during his annual speech at the Kansas City Fed\u2019s economic symposium in Jackson Hole, Wyoming. But the pullback didn\u2019t stop gold prices from logging their [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-53220","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold slips but logs first weekly win after four straight losses | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices declined on Friday as the U.S. dollar rose with Treasury yields after Federal Reserve Chair Jerome Powell left the door open to more\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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