{"id":53246,"date":"2023-08-26T08:29:58","date_gmt":"2023-08-26T12:29:58","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-finish-lower-after-best-day-of-august\/"},"modified":"2023-08-26T08:29:59","modified_gmt":"2023-08-26T12:29:59","slug":"gold-prices-finish-lower-after-best-day-of-august","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53246","title":{"rendered":"Gold prices finish lower after best day of August"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002436006\" role=\"document\">\n<p>Gold futures finished lower on Thursday after four straight days of gains as traders awaited a speech on Friday from Federal Reserve Chairman Jerome Powell. <\/p>\n<p>A day earlier, a sharp drop in bond yields in Europe and the U.S. in the wake of weak economic data sparked the sharpest rise in prices for the most-active gold contract since the end of July. <\/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 $1, or nearly 0.1%, to settle at $1,947,10 per ounce on Comex, marking the first loss in five sessions.<\/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       declined by 16 cents, or 0.7%, to $24.23 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       added $4.80, or 0.5%, to $943 per ounce, while September palladium<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 $36.80, or 2.9%, to $1,244.60 per ounce. <\/p>\n<\/li>\n<li>\n      Copper prices for December 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       fell by 4 cents, or 1%, to $3.77 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The Federal Reserve\u2019s annual Jackson Hole economic policy symposium runs through Saturday and the central bank\u2019s Chairman Jerome Powell is scheduled to speak Friday morning.<\/p>\n<p><strong>Read more on Jackson Hole meeting:<\/strong> When is Jerome Powell\u2019s speech? What investors need to know.<\/p>\n<p>The \u201cfuture path for global interest rates is firmly on the agenda\u201d at the symposium after months of aggressive interest-rate hikes, said Stuart O\u2019Reilly, market insight analyst at The Royal Mint, in emailed commentary.<\/p>\n<p>\u201cMany gold traders\u2026are holding their breath in anticipation of potential signal from the world\u2019s economic leaders,\u201d he said, with Powell \u201coffering a temperature check on the economy and interest rates.\u201d<\/p>\n<p>While gold investors are in a \u201c\u2018wait and see\u2019 mode, we can expect Powell to reaffirm his commitment to the [economic] data,\u201d said O\u2019Reilly. \u201cIf Powell indicates that U.S. interest rates will remain elevated for a prolonged period, despite wage pressures subsiding recently, gold prices could be impacted.\u201d <\/p>\n<p>However, if Powell\u2019s economic outlook for the short-to-medium term looks brighter, the yellow metal could gain on a signal of future rate decreases, he said. \u201cUltimately, traders will be listening closely for Powell\u2019s tone on future rate hikes, and whether higher rates should be priced-in for the long-term.\u201d<\/p>\n<p>On Wednesday, gold prices benefited from a drop in European and U.S. bond yields to their lowest levels in a week, but prices of the yellow metal were seeing a modest pullback Thursday as yields crept higher once again. A stronger U.S. dollar also weighed on the yellow metal. <\/p>\n<p>\u201cGold\u00a0was one of the main beneficiaries of the breakdown in real yields and the ensuing retreat in the dollar,\u201d said Marios Hadjikyriacos, senior investment analyst at XM, in emailed commentary. <\/p>\n<p>The yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       rose by 4.1 basis points to 4.224% on Thursday. The ICE U.S. Dollar Index<br \/>\n        DXY<span>,<\/span><br \/>\n       a gauge of the greenback\u2019s strength against other major currencies, rose by 0.5% at 103.93. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-pull-back-after-best-day-of-august-7064afd7?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures finished lower on Thursday after four straight days of gains as traders awaited a speech on Friday from Federal Reserve Chairman Jerome Powell. A day earlier, a sharp drop in bond yields in Europe and the U.S. in the wake of weak economic data sparked the sharpest rise in prices for the most-active [&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-53246","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 prices finish lower after best day of August | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures finished lower on Thursday after four straight days of gains as traders awaited a speech on Friday from Federal Reserve Chairman Jerome\" \/>\n<meta name=\"robots\" content=\"index, follow, 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