{"id":69740,"date":"2023-10-07T00:59:16","date_gmt":"2023-10-07T04:59:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-hits-7-month-low-but-ends-up-on-day-with-weekly-loss\/"},"modified":"2023-10-07T00:59:18","modified_gmt":"2023-10-07T04:59:18","slug":"gold-hits-7-month-low-but-ends-up-on-day-with-weekly-loss","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69740","title":{"rendered":"Gold hits 7-month low but ends up on day, with weekly loss"},"content":{"rendered":"
\n

Investing.com – Gold hit seven-month lows Friday before rebounding to finish the day higher and the week lower. Since October began, it had been a torrid time for the yellow metal, with the potential for the Federal Reserve to hike rates again amplified by US jobs data which sent Treasury yields and the dollar rallying.\u00a0<\/p>\n

Gold\u2019s most-active contract on New York\u2019s Comex, December, settled Friday’s trading up $13.40, or 0.7%, at $1845.2 an ounce.\u00a0 It hit a seven-month low of $1,823.55 earlier.<\/p>\n

The , more closely watched by some traders than futures, was at $1,831.70 by 15:00 ET (19:00 GMT), up $11.44, or 0.6%, on the day. Spot gold hit a 7-month low of $1,810.47 earlier in the day.<\/p>\n

\u00a0On a weekly basis, both Comex gold and the spot price fell, responding to this month’s heightened selloff in bonds and rally in the dollar.<\/p>\n

December gold, which fell 3.1% last week, fell a further 1.1% this week.<\/p>\n

Spot gold could reach $1,750 support as central banks waiting to accumulate bullion there<\/strong><\/h2>\n

Spot gold lost 4% last week, the most since a near 6% plunge during the week to June 11, 2021. It slid almost 1% this week.<\/p>\n

\u201cI think the bears will eventually push the spot price to $1,700 territory as global central banks are waiting to accumulate big chunks of gold at between the support levels of $1,760 to $1,750,\u201d said Sunil Kumar Dixit, a technical analyst for gold at SKCharting.com.<\/p>\n

\u201cThe rampant US jobs growth for September didn\u2019t immediately bring the new wave of selling expected in gold, but I think whatever rebound you\u2019re seeing now won\u2019t last.\u201d<\/p>\n

The US Labor Department reported 336,000 new non-farm payrolls for September, the highest since January\u2019s 517,000, and way above the 187,000 seen in August and the average 170,000 forecast for last month by Wall Street economists.<\/p>\n

\u201cThis is a problem as it validates the recent move up in Treasury yields,\u201d economist Adam Button wrote on the ForexLive forum.<\/p>\n

The , which pits the greenback against six other currencies, hovered at just under 106.4, up on the day, but off from the 11-month high of 107.35 earlier this week.<\/p>\n

Yields, benchmarked against the , reached a new 16-year high of 4.892.<\/p>\n<\/div>\n

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

Investing.com – Gold hit seven-month lows Friday before rebounding to finish the day higher and the week lower. Since October began, it had been a torrid time for the yellow metal, with the potential for the Federal Reserve to hike rates again amplified by US jobs data which sent Treasury yields and the dollar rallying.\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":3495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-69740","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold hits 7-month low but ends up on day, with weekly loss | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - Gold hit seven-month lows Friday before rebounding to finish the day higher and the week lower. 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