{"id":66100,"date":"2023-09-27T15:01:39","date_gmt":"2023-09-27T19:01:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/a-surging-u-s-dollar-just-sent-gold-to-a-6-1-2-month-low-below-1900-an-ounce\/"},"modified":"2023-09-27T15:01:41","modified_gmt":"2023-09-27T19:01:41","slug":"a-surging-u-s-dollar-just-sent-gold-to-a-6-1-2-month-low-below-1900-an-ounce","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66100","title":{"rendered":"A surging U.S. dollar just sent gold to a 6 1\/2-month low below $1,900 an ounce"},"content":{"rendered":"
\n

A soaring U.S. dollar is taking a toll on gold, with the yellow metal slumping Wednesday to its lowest close in more than six months.<\/p>\n

December gold
\n GC00,
\n -1.32%<\/bg-quote><\/p>\n

GCZ23,
\n -1.32%<\/bg-quote>,<\/span>
\n the most actively traded contract, dropped $28.90, or 1.5%, toclose at $1,890.90 an ounce on Comex \u2014 its lowest close since March 10, according to Dow Jones Market Data and its biggest one-day percentage loss since a 1.9% drop on April 14.<\/p>\n

\n

Gold has dropped 3.8% in September, failing to find support from its traditional role as haven for investors despite a continued selloff in stocks that has the S&P 500 index
\n SPX
\n on track for a drop of more than 5% this month.<\/p>\n

Blame a strong U.S. dollar and rising global bond yields, said Fawad Razaqzada, market analyst at City Index and Forex.com, in a note. A stronger greenback is often seen as a headwind to commodities priced in dollars, making them more expensive to users of other currencies. Higher bond yields, meanwhile, raise the opportunity cost of holding nonyielding assets.<\/p>\n

See:<\/strong> Why a surging U.S. dollar is about to become a problem for stock-market bulls<\/p>\n

The ICE U.S. Dollar Index
\n DXY,<\/span>
\n a measure of the currency against a basket of six others, rose 0.4% Wednesday to trade near 106.70, after hitting its highest intraday level since Nov. 30. <\/p>\n

\u201cAfter rising for 10 consecutive weeks, the dollar index is on course to add one more weekly gain on top of that this week. There\u2019s no fresh news behind its latest gains. Yet there has also been no macro reason for the dollar rally to end, apart from the fact it is getting a bit overstretched in the short-term outlook,\u201d Razaqzada said.<\/p>\n

It isn\u2019t a surprise that gold has fallen below the $1,900-an-ounce threshold, said Rupert Rowling, market analyst at Kinesis Money. It\u2019s more remarkable that gold held up as long as it did, he argued in a Wednesday note.<\/p>\n

\u201cIt will be interesting to note gold\u2019s reaction over the coming days as from a purely macroeconomic perspective the price still looks overly high,\u201d he wrote. \u201cThe main element that has kept gold supported in recent months has been the strength of institutional buying, particularly from central banks seeking to diversify away from the dollar.\u201d<\/p>\n

That support is unlikely to \u201csuddenly disappear,\u201d which points to a \u201cslow and gradual\u201d decline for gold rather than a sudden collapse, he said. And the yellow metal\u2019s haven appeal may yet be revived in the near term as jitters grow over property turmoil in China and the health of the world\u2019s second-largest economy.<\/p>\n<\/p><\/div>\n<\/div>\n

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

A soaring U.S. dollar is taking a toll on gold, with the yellow metal slumping Wednesday to its lowest close in more than six months. December gold GC00, -1.32% GCZ23, -1.32%, the most actively traded contract, dropped $28.90, or 1.5%, toclose at $1,890.90 an ounce on Comex \u2014 its lowest close since March 10, according […]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-66100","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nA surging U.S. dollar just sent gold to a 6 1\/2-month low below $1,900 an ounce | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A soaring U.S. dollar is taking a toll on gold, with the yellow metal slumping Wednesday to its lowest close in more than six months. 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