Tuesday, July 23, 2024

Gold is declining as US Treasury revenue increases


Gold prices fell on Friday, leading to a weekly decline as treasury yields rise, while investors in the US are looking for signs of the future of the Federal Reserve’s monetary policy in anticipation of monthly inflation data.
Spot gold fell 0.2% to $ 1,844.78 an ounce at 03:11 GMT, while US gold futures fell 0.3% to $ 1,848.10.

U.S. 10-year Treasury yields increased, affecting demand for non-yielding gold.

Market participants are eagerly awaiting US CPI data as gold prices fell about 0.3% this week.

Stephen Innes, managing partner of SBI Asset Management, said a strong CPI reading could further tighten the direction of the Federal Reserve and reduce the price of the yellow metal to $ 1,800 by testing the $ 1,825 level.

The Federal Reserve is expected to raise its core interest rate by 50 basis points in June and July, raising the likelihood of similar action in September, according to a Reuters poll, which does not expect rate hikes to last until next year. .

Among other precious metals, spot silver was down $ 21.63 an ounce, platinum was down 0.6% at $ 966.13 and palladium was up 0.7% at $ 1,938.01. And all three are set to record a weekly decline.

See also  U.S. stocks rise at the close of trading on Friday, May 27, 2022
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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