2023-08-15 07:58:08
gold
Gold prices fell on Tuesday, as the dollar benefited from higher Treasury yields and economic concerns in China, while markets are now awaiting US retail sales data, which may shed light on the impact of raising interest rates on consumer spending.
By 0618 GMT, spot gold fell 0.2 percent to $1904.50 an ounce, trading near its lowest level in a month and a half, which it reached yesterday, Monday. US gold futures fell 0.4 percent to $1,937 an ounce.
The US dollar hovered near its highest level in more than a month in light of concerns related to the Chinese economy, which makes gold more expensive for buyers abroad.
US Treasury bond yields reached the highest level since November 2022, which increases the opportunity cost of possessing gold that does not generate returns.
China’s central bank unexpectedly cut key interest rates on Tuesday, as growth in industrial production and retail sales slowed in the world’s second-largest economy.
As for other precious metals, silver settled at $22.62 an ounce, platinum fell 0.1 percent to $900.83 an ounce, while palladium fell 0.6 percent to $1262.34 an ounce.
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