2023-08-03 06:44:00
The international gold price looks at 1929 US dollars
On Thursday (August 3), international gold prices fell to a new low of $1,932.85 per ounce in more than three weeks, as strong U.S. private employment data released overnight sparked expectations for further tightening of the Federal Reserve’s monetary policy and boosted the dollar and U.S. bond yields Rate. The price of gold looks at 1929 US dollars.
At 14:43 Beijing time, spot gold fell 0.04% to $1,933.84 an ounce; the main COMEX gold futures contract fell 0.29% to $1,969.3 an ounce; the U.S. dollar index rose 0.08% to 102.716.
“Further volatility is likely in the near term, especially as bond yields are expected to continue to climb,” said Clifford Bennett, chief economist at ACY Securities, adding that gold’s easy rally is over, A stronger dollar is weighing on gold prices.
The U.S. dollar index rose to a four-week high of 102.822, and the yield on the 10-year U.S. bond hit 4.142%, the highest level since November last year, as data released on Wednesday (August 2) showed that U.S. private employment rose far more than expected in July. The market will focus on the release of the U.S. non-farm payrolls report for July on Friday (August 4) to see whether the Fed needs to raise interest rates further to cool inflation.
The market also digested a downgrade of the U.S. credit rating by Fitch. Investors said they expected a prolonged period of unease over the country’s debt situation, political polarization and the dollar’s weakening global role.
Meanwhile, the Bank of England is expected to raise interest rates by a further 25 basis points later on Thursday, taking rates to their highest level in almost 15 years, as inflation remains among the highest among the world’s major economies.
On the daily line, the price of gold fell below $1,940, and then it will further drop to $1,929, which are the 50% Fibonacci retracement level and the 61.8% Fibonacci retracement level of the upward range from $1,893 to $1,987 .
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