August 10, 2022

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Gold breaks 3-day winning streak as dollar rises

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Gold prices fell ahead of important central bank meetings on Thursday, while dollar and US treasury yields rose, with dark private sector jobs data pushing precious metal prices to a one-week high.

Gold on the spot traded down 0.2% at 10:23 GMT to $ 1803.16 an ounce, up from $ 1810.86 in the previous session after January 27. US gold futures were down 0.4% at $ 1,803.70.

U.S. 10-year Treasury earnings rose slightly, while the dollar index was up against its rivals, while the price of gold rose for buyers of other currencies.

Contrary to expectations last month, investors are waiting for the release of the non-farm payroll in the US tomorrow, Friday, following Wednesday’s data decline in private sector jobs.

The US Federal Reserve has hinted that it will begin raising interest rates next month in response to rising inflation.

Gold is considered a hedge against inflation, but higher interest rates reduce the attractiveness of the unproductive precious metal.

Among other precious metals, silver was down 0.9% at $ 22.42 an ounce, platinum was down 0.6% at $ 1026.51 and palladium was up 0.1% at $ 2372.15.

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