2023-09-06 12:29:00
© Archyde.com. Gold stops its losses in the previous session and settles in today’s dealings, so why?
Arabictrader.com – Gold prices moved in a narrow range during trading on Wednesday, which resulted in the stability of gold prices at the close of yesterday’s session; As the precious metal’s trading faced some upward and downward pressures at the same time; This is after gold prices achieved losses of about 0.64% in the previous session’s trading.
In view of today’s trading; We note the stability of gold prices near the closing level of the last session at $1,925.50 an ounce. At the same time, December delivery prices fell marginally by 0.09%, to record around $1,950.75 an ounce.
The most important reasons for the stability of today’s trading movements
Regarding bullish pressures, some factors contributed to strengthening gold price movements in today’s trading; They are the decline of the US dollar and US returns, as the decline in the dollar in trading resulted in a recovery in demand for the gold metal denominated in the green currency; As it recorded – which measures the performance of the US currency against a basket of six other major currencies – a decrease of about 0.13%, to be traded near the level of 104.65 points; As the acquisition of gold seemed to be a less expensive investment opportunity from the point of view of traders.
Moreover, the decline in US bond yields of various terms contributed to the recovery of gold prices in trading. As the US bond yields for 10 years fell by about 0.50% and reached 4.249%, in addition to the decline in the US bond yields for the 20-year period by 0.57%, to record approximately 4.539%, and also, the US bond yields for the 30-year period fell to settle near the level of 4.357%, which is This added to the bullish pressures of gold price movements with the passage of trading.
As for the downward pressures, gold prices faced some developments that reinforced the growth expectations of the second largest global economic power – China – which supported the downward pressures of gold trading as a safe haven during times of economic volatility. Chinese Premier Li Qiang confirmed today that the country’s economy is on track to reach the annual growth target of 5% this year.
He added that the country’s economic development has promising prospects, and pledged to provide new and greater opportunities for the region and countries around the world; These developments led to a somewhat easing of market concerns about the recovery of China’s economy after the country reopened and the end of the strict restrictions imposed by the country during the outbreak of the Corona epidemic, which led to a decrease in demand for gold.
With regard to the prices of metals other than gold, spot contracts decreased by 0.56%, to record about $23.4135, in addition to a decline in spot contracts by about 0.81% to $918.70. Also, spot prices recorded a decrease of approximately 0.49%, to settle near $1,206.18.
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