{"id":65465,"date":"2023-09-26T02:21:55","date_gmt":"2023-09-26T06:21:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-prices-creep-lower-as-dollar-yields-surge-on-hawkish-fedspeak\/"},"modified":"2023-09-26T02:21:57","modified_gmt":"2023-09-26T06:21:57","slug":"gold-prices-creep-lower-as-dollar-yields-surge-on-hawkish-fedspeak","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65465","title":{"rendered":"Gold prices creep lower as dollar, yields surge on hawkish Fedspeak"},"content":{"rendered":"
\n

Investing.com– Gold prices fell in Asian trade on Tuesday, facing consistent pressure from a stronger dollar and higher Treasury yields as Federal Reserve officials reiterated the bank\u2019s outlook for higher interest rates.\u00a0<\/p>\n

Minneapolis Fed President Neel Kashkari said in an address on late-Monday that he saw rates rising at least once more in 2023, and that they were likely to remain higher through 2024.<\/p>\n

His comments echoed those made by Fed Chair Jerome Powell last week, who said that sticky inflation and a tight labor market will likely elicit one more rate hike this year. Powell also downplayed expectations for a large band of rate cuts next year, with the Fed\u2019s target rate through 2024.\u00a0<\/p>\n

The outlook for higher rates dented gold\u2019s prospects, given that higher yields push up the opportunity cost of investing in the non-yielding asset. This weighed particularly on the outlook for prices, with gold futures losing more than the spot price in recent sessions.\u00a0<\/p>\n

fell 0.1% to $1,913.62 an ounce, while expiring in December fell 0.2% to $1,932.25 an ounce by 00:02 ET (04:02 GMT). Both instruments were at a 11-day low.\u00a0<\/p>\n

Dollar at 10-mth peak, yields hit 16-year high with shutdown in focus\u00a0<\/h2>\n

Pressure on metal markets came chiefly from a stronger greenback, as the Fed\u2019s hawkish rhetoric pushed the to its highest level in 10 months against a basket of currencies.\u00a0<\/p>\n

Treasury yields also surged in the wake of the Fed\u2019s meeting last week, with the at its highest since 2007.\u00a0<\/p>\n

Growing fears of a U.S. government shutdown did little to deter the dollar\u2019s advance, with higher rates also increasing the greenback\u2019s safe haven appeal over gold.\u00a0<\/p>\n

Congress has less than a week to pass a spending bill and avert a shutdown. But both Republican and Democrat leaders indicated little progress was being made towards reaching consensus.\u00a0<\/p>\n

While gold is a safe haven, it has seen little actual gains during past government shutdowns. The 2018-2019 shutdown, which was the longest in U.S. history at 35 days, only saw a $20 appreciation in spot prices.\u00a0<\/p>\n

Copper prices dip, China jitters persist\u00a0<\/h2>\n

Among industrial metals, copper prices extended losses on Tuesday amid persistent concerns over an economic slowdown in China, the world\u2019s largest copper importer.<\/p>\n

Sentiment towards the country was dealt a fresh blow this week as beleaguered property developer China Evergrande <\/span><\/span> Group (HK:) said it will be unable to issue new debt due to a government investigation. This ramped up concerns over more regulatory scrutiny towards the sector, which is already struggling with a three year-long cash crunch.<\/p>\n

The property sector is also a key driver of copper demand. fell 0.1% to $3.702 a pound, and were close to 1-\u00bd month lows.<\/p>\n

Focus this week is now on data from China for more cues on business activity.\u00a0<\/p>\n<\/div>\n

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

Investing.com– Gold prices fell in Asian trade on Tuesday, facing consistent pressure from a stronger dollar and higher Treasury yields as Federal Reserve officials reiterated the bank\u2019s outlook for higher interest rates.\u00a0 Minneapolis Fed President Neel Kashkari said in an address on late-Monday that he saw rates rising at least once more in 2023, and […]<\/p>\n","protected":false},"author":1,"featured_media":6515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-65465","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold prices creep lower as dollar, yields surge on hawkish Fedspeak | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Gold prices fell in Asian trade on Tuesday, facing consistent pressure from a 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