{"id":54070,"date":"2023-08-28T16:57:59","date_gmt":"2023-08-28T20:57:59","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-settle-higher-after-back-to-back-session-losses\/"},"modified":"2023-08-28T16:58:01","modified_gmt":"2023-08-28T20:58:01","slug":"gold-prices-settle-higher-after-back-to-back-session-losses","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54070","title":{"rendered":"Gold prices settle higher after back-to-back session losses"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002446554\" role=\"document\">\n<p>Gold futures finished higher on Monday, finding support as the U.S. dollar and Treasury yields steadied, easing some of the recent pressure on prices for the precious metal. <\/p>\n<p>The move comes after the most-active gold contract booked its first weekly advance in four weeks through Friday. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery\u00a0<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.42%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"positive\">+0.42%<\/bg-quote><br \/>\n       gained $6.90, or 0.4%, to settle at $1,946.80 per ounce on Comex after trading as high as $1,954.20, FactSet 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\">+0.13%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.13%<\/bg-quote><br \/>\n       gained 2 cents, or nearly 0.1%, to $24.25 per ounce. <\/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\">+2.92%<\/bg-quote><\/p>\n<p>        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+2.92%<\/bg-quote><br \/>\n       added $24, or 2.5%, to $972.20 per ounce. Palladium for September delivery<br \/>\n        PA00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210237962\/delayed\" class=\"positive\">+1.50%<\/bg-quote><\/p>\n<p>        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+1.50%<\/bg-quote><br \/>\n       gained $27.20, or 2.2%, to $1,256.30 per ounce, while December palladium<br \/>\n        PAZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/239302145\/delayed\" class=\"positive\">+1.80%<\/bg-quote><span>,<\/span><br \/>\n       which is also among the  most active, settled at $1,261.90, up $29.10, or 2.4%.<\/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=\"positive\">+0.05%<\/bg-quote><br \/>\n       edged down by  a penny, or 0.2%, to $3.76 per pound, while December copper<br \/>\n        HGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210059556\/delayed\" class=\"positive\">+0.44%<\/bg-quote><span>,<\/span><br \/>\n       which is now the most active, added a cent, or 0.2%, to settle at $3.79.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices \u201cdelinking from a rising bond yield and U.S. dollar is a positive bullish sign,\u201d said Chintan Karnani, an independent consultant who has tracked the gold market for the last 20 years. However, he said, \u201cgold needs to continue\u00a0to trade with a rising price line next week for a confirmation of a sustained bullish trend.\u201d <\/p>\n<p>He said he\u2019ll be closely watching for indications of a \u201csustained break of various resistances\u201d between $1,950 and $2,010 in Comex December gold. <\/p>\n<p><strong>Read:<\/strong> \u2018We are buyers of gold on weakness\u2019: Yellow metal appears resilient after surge in real rates, says Morgan Stanley<\/p>\n<p>Gold prices had tumbled Friday after Federal Reserve Chair Jerome Powell hinted at the possibility of more interest-rate hikes. <\/p>\n<p>An\u00a0\u201cinterest rate pause and interest rate cuts will be decided on the basis of incoming\u00a0U.S. economic data releases over the coming weeks and months,\u201d said Karnani. \u201cA slowdown or a sustained fall in inflation is needed for the USA to enter into an interest rate pause period.\u201d<\/p>\n<p>Still, gold prices managed a more than 1% gain last week, as worries about a slowing economy and turbulent markets in China helped spur demand for the yellow metal. <\/p>\n<p>The big question now is whether global bond yields will continue to climb, heaping more pressure on the yellow metal. Another threat is the U.S. dollar, which is nearing its highest level since March. <\/p>\n<p>\u201cOn the charts, gold has held support at the $1,900 area, but more dollar strength or rising yields would jeopardize the [year to date],\u201d analysts at Sevens Report Research said in Monday\u2019s newsletter. <\/p>\n<p>The yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       was down modestly at 4.218%, while the ICE U.S. Dollar Index<br \/>\n        DXY<span>,<\/span><br \/>\n       a gauge of the buck\u2019s value against its main rivals, was little changed at 104.07. Bond yields move inversely to prices. <\/p>\n<p>Gold\u2019s price trend after the release of U.S. August nonfarm-payroll data on Friday will be key, said Karnani. \u201cThe current bullish trend in gold and silver can change\u00a0if the overall jobs growth is very high for the month of August.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-climb-building-on-first-weekly-advance-in-a-month-57f62445?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures finished higher on Monday, finding support as the U.S. dollar and Treasury yields steadied, easing some of the recent pressure on prices for the precious metal. The move comes after the most-active gold contract booked its first weekly advance in four weeks through Friday. Price action Gold futures for December delivery\u00a0 GC00, +0.42% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-54070","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 prices settle higher after back-to-back session losses | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures finished higher on Monday, finding support as the U.S. dollar and Treasury yields steadied, easing some of the recent pressure on prices for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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