2023-10-03 03:52:00
© Archyde.com. Gold bars weighing 50 grams following being minted at a gold refining plant in Mendrisio, Switzerland, in a photo from the Archyde.com archive.
(Archyde.com) – Gold selling continued on Tuesday, recording the longest losing streak since August 2022 in the last session following Federal Reserve (US central bank) officials confirmed the possibility of interest rates remaining high, while job vacancy data in the United States will be released later in the day. Tuesday.
It fell 0.6 percent to $1,817 per ounce by 0306 GMT, and fell for the seventh session in a row, recording its lowest levels since March 9. US gold futures fell 0.7 percent to $1,833.40.
It rose to a 10-month peak once more, while yields reached a new high, the highest in 16 years, following data on Monday showed that US manufacturing industries took another step towards recovery in September.
The rise in the dollar and bond yields affects the yellow metal, which is priced in dollars and does not generate a return.
“Put simply, everyone has been surprised by the strength of the US economy, including policymakers,” said Kyle Rodda, a financial markets analyst at Capital.com.
Federal Reserve officials say monetary policy should remain tight “for some time” to bring inflation down to the target rate of 2 percent.
Traders are now awaiting the US Department of Labor’s report on job vacancies, which will be issued later on Tuesday.
As for other precious metals, spot transactions fell 1.4 percent to $20.77 an ounce, the lowest level in six and a half months.
Platinum fell 0.8 percent to its lowest level in a year at $869.90. It fell 0.1 percent to $1,200.04.
(Prepared by Duaa Muhammad for the Arabic Bulletin)
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