{"id":55771,"date":"2023-09-01T12:02:24","date_gmt":"2023-09-01T16:02:24","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-futures-fall-for-the-session-lose-more-than-2-for-the-month\/"},"modified":"2023-09-01T12:02:26","modified_gmt":"2023-09-01T16:02:26","slug":"gold-futures-fall-for-the-session-lose-more-than-2-for-the-month","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55771","title":{"rendered":"Gold futures fall for the session, lose more than 2% for the month"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002457480\" role=\"document\">\n<p>Gold futures finished lower on Thursday as the Federal Reserve\u2019s preferred inflation gauge showed an increase for July, contributing to a monthly loss of more than 2%. <\/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=\"negative\">-0.02%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"negative\">-0.02%<\/bg-quote><br \/>\n       fell $7.10, or 0.4%, to settle at $1,965.90 an ounce, after ending Wednesday at its highest since Aug. 4. Prices for the most-active contract logged a loss of 2.2% for the month, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      December silver<br \/>\n        SIZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210319449\/delayed\" class=\"negative\">-0.77%<\/bg-quote><br \/>\n       fell 29 cents, or 1.2%, to $24.81 an ounce, ending 0.6% lower month to date.<\/p>\n<\/li>\n<li>\n      December copper<br \/>\n        HGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210059556\/delayed\" class=\"positive\">+0.95%<\/bg-quote><br \/>\n       settled at $3.82 a pound, down 0.6% for the session to lost 4.6% for the month.<\/p>\n<\/li>\n<li>\n      Platinum for October delivery<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.28%<\/bg-quote><br \/>\n       shed 0.9% to $974.40 an ounce, ending nearly 1.7% higher for the month, while December palladium<br \/>\n        PAZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/239302145\/delayed\" class=\"positive\">+0.56%<\/bg-quote><br \/>\n       lost 0.8% to $1,218.70 an ounce, marking a monthly loss of 4.5%.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold futures finished lower Thursday after a reading of the U.S. July personal consumption expenditures index revealed a increase of 0.2%, matching the forecast from economists polled by The Wall Street Journal. Overall inflation, however, crept higher and remained stuck above 3%. <\/p>\n<div class=\"paywall\">\n<p>Against that backdrop, the U.S. dollar strengthened, with the ICE U.S. Dollar index<br \/>\n        DXY<br \/>\n       up 0.4% at 103.594 in Thursday dealings, pressuring dollar-denominated prices of gold.<\/p>\n<p>Jim Wyckoff, senior analyst at Kitco.com said gold saw a \u201cmodest downside correction\u201d in the wake of the the inflation data, following gains for the precious metal so far this week. However, gold and silver bulls \u201cstill have some momentum on their side,\u201d he said in daily commentary.<\/p>\n<p>For the week, gold futures trade over 1% higher, contributing to a roughly 7.7% rise year to date.<\/p>\n<p>Gold found support this week after weaker-than-expected U.S. labor data, including Tuesday\u2019s job openings and labor turnover survey, or JOLTS, report and Wednesday\u2019s private-sector payroll figures from Automatic Data Processing came in weaker than expected. <\/p>\n<p>Gold was buoyed as the data saw investors scale back expectations for a further Fed interest rate increase, which allowed the U.S. dollar and Treasury yields to pull back. A higher dollar can make gold more expensive to users of other currencies, while higher bond yields raise the opportunity cost of holding assets that don\u2019t produce a yield.<\/p>\n<p>Gold is in the middle of another rebound, \u201cthanks to some negative economic data points, falling yields and vanished expectations of another Fed rate hike,\u201d said Brien Lundin, editor of Gold Newsletter, in emailed commentary.<\/p>\n<p>Whether this rally is for real is too early to tell \u2014 and the move is \u201cstill new and fragile,\u201d he said. Still, there are \u201ccompelling reasons to believe that gold has turned the corner.\u201d<\/p>\n<p>Overall, odds for a quarter-point interest-rate hike at the Fed\u2019s Sept. 20 have declined, based on the CME FedWatch Tool. <\/p>\n<p>Investors are once again beginning to price in the end of rate hikes, though not quite as eager to predict rate cuts, said Lundin. \u00a0<\/p>\n<p>All told, \u201cbig money is still recognizing that this hiking cycle is drawing to a close and the next big change in monetary policy will bring the gold price higher and the relative value of the dollar lower,\u201d he said.<\/p>\n<p>The main event for this week, however, is likely to remain Friday\u2019s U.S. August jobs report, analysts said.<\/p>\n<p><strong>See<\/strong>:\u00a0Hiring likely slowed again last month, but watch out for surprises in U.S. August jobs report<\/p>\n<p>\u201cShould the U.S. labor market give more signs of weakness, there may be scope for further\u00a0gold\u00a0gains. However, even in the medium-to long-term, these gains will be limited because even if the Fed doesn\u2019t hike again, rates will remain elevated for a prolonged period,\u201d Ricardo Evangelista, senior analyst at ActivTrades, said in a note.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-attempts-to-hold-ground-ahead-of-pce-inflation-reading-612bbaf3?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures finished lower on Thursday as the Federal Reserve\u2019s preferred inflation gauge showed an increase for July, contributing to a monthly loss of more than 2%. Price action Gold for December delivery GC00, -0.02% GCZ23, -0.02% fell $7.10, or 0.4%, to settle at $1,965.90 an ounce, after ending Wednesday at its highest since Aug. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-55771","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 futures fall for the session, lose more than 2% for the month | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures finished lower on Thursday as the Federal Reserve\u2019s preferred inflation gauge showed an increase for July, contributing to a monthly loss of\" \/>\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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