2023-10-03 20:37:45
Gold closes: A stronger dollar and soaring Treasury yields pressure gold to close lower
Financial World 2023-10-04 04:37:45
According to financial news on October 4, New York gold futures prices ended lower on Tuesday, with the closing price remaining at the lowest level in nearly seven months. The possibility of U.S. currency rates remaining high for an extended period of time has strengthened the U.S. dollar and spiked U.S. Treasury yields, weighing on gold prices.
Gold futures for December delivery on the New York Mercantile Exchange closed down 0.31% at $1,841.50 an ounce.
The U.S. Job Openings and Labor Turnover Survey (JOLTS) data released on Tuesday unexpectedly rose, indicating that the labor market remains tight and may force the Federal Reserve to raise interest rates next month.
Analysts said the JOLTS report surprised markets as it raised the prospect of another rate hike but also lowered expectations for a slowdown in the U.S. economy, which weighed on precious metals.
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