Reporters reported that Gold futures fell $30, slipping off the $1,680 level today (10 Oct. 65) following the US released higher-than-expected non-farm payrolls. This will be a factor supporting the US Federal Reserve (Fed) to accelerate interest rates.
By 8:50 p.m. Thai time, the COMEX (Commodity Exchange) gold contract will be delivered in December. It fell $30.0, or 1.76 percent, to $1,679.30 an ounce.
While gold prices fell for the fourth day in a row, pressured by the dollar’s appreciation. and the rebound in US government bond yields
A stronger dollar will reduce the attractiveness of gold. by making gold contracts more expensive for holders of other currencies. As the rebound in US Treasury yields increases the opportunity cost of holding gold. Because gold is an asset that does not return in the form of interest.
In addition, investors are worried regarding the Fed’s accelerating interest rate hikes to curb inflation. This will result in the US economy going into recession.
Meanwhile, investors are keeping an eye on the minutes of the Fed’s September meeting on Oct. 12 and the Consumer Price Index (CPI) on Oct. 13 for any indication of the Fed’s interest rate direction.
