2023-08-17 22:50:10
gold futuresPrices ended lower on Thursday (17th), falling for the ninth consecutive session, the longest daily decline since 2017, due to rising global bond yields and a stronger dollar.goldunder pressure.
New York for December deliverygold futuresIt closed down $13.10, or 0.7%, at $1,915.20 an ounce.
according toDow JonesAccording to market data, this 9-day decline is the longest decline since March 10, 2017.
Altavest Managing Partner Michael Armbruster said,goldThe recent decline has been tied to rising long-term bond yields, and a stronger dollar has also been a headwind.
10-Year Treasury Bond YieldIt soared above 4.3%, the highest level since the 2008 global financial crisis. Edward Moya, senior market analyst at OANDA, believes that the hawkish comments in the Fed’s July meeting minutes have pushed global bond yields to their highest level in 15 years.
Moya pointed out that the hawkish view shown in the minutes triggered a sell-off in global bond markets, which made thegoldPrices are trying to recover. “There is a growing consensus that inflation is not going away anytime soon, so bond yields are too high.”
Fawad Razaqzada, market analyst at City Index and FOREX.com, explained that when bond yields rise, holdings includegoldandsilverThe opportunity cost of low-yield or zero-yield assets including interest rates will rise.
“On top of that, the market is concerned regarding demand in China because the Chinese economy is clearly at a standstill,” he said.When the Chinese economy performs poorly, it tends to have negative shocksgoldneed.
Meanwhile, ICE dollar indexIt fell slightly to 103.39 on Thursday, but is still up 0.5% so far this week.
Comex metals commodities traded for September deliverysilverFutures rose 18 cents, or 0.8%, to $22.72 an ounce. delivery in octoberPlatinum FuturesIt was up $4.30, or 0.5%, at $895.60 an ounce. Delivered in SeptemberPalladium FuturesIt gained $8.10, or 0.7%, to settle at $1,220.50 an ounce. Delivered in Septembercopper futuresThey gained 3 cents, or 0.9%, to $3.69 a pound.
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