2023-08-11 23:06:57
Gold prices recorded their third weekly loss, with the rise of the dollar and US bond yields, on Friday, following data showed that producer prices rose in the United States in July.
price movements
Gold prices fell in a week by 1.50 percent, to reach the level of $ 1913.76 an ounce, despite its rise in the last sessions of the week, Friday, by 0.07 percent.
The US Labor Department said the US producer price index for final demand rose 0.3 percent last month.
In the 12 months through July, the US producer price index rose 0.8 percent.
Economists polled by Archyde.com had expected the index to rise 0.2 percent in July and 0.7 percent year on year.
And the dollar increased once morest its competitors, achieving gains for the fourth consecutive week, by 0.81 percent, which makes gold more expensive for holders of other currencies.
The benchmark 10-year Treasury yield rose to 4.152 percent.
Data on Thursday showed that US consumer prices rose modestly in July, boosting hopes that the US interest rate hike cycle is nearing its end.
Increases in interest rates usually raise bond yields and thus increase the opportunity cost of holding non-yielding gold.
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