Gold Prices at 2-Week Low on Surging Treasury Yields and Fed...
Updated
Gold prices closed at a two-week low as benchmark Treasury yields surged to nearly 4% following the Federal Reserve's decision to raise rates to their highest level in 22 years and expressing optimism about avoiding a U.S. recession.
On Comex, gold futures for August delivery settled at $1,945.70 per ounce, marking a 1.2% decline and a loss of $24.40. This settlement was the lowest for the most-active contract since July 11, according to Dow Jones Market Data.
The increase in the 10-year Treasury yield to 3.98% on Thursday, coupled with a stronger U.S. dollar against other currencies, exerted pressure on the precious metal.
Louis Navellier, the chief investment officer and founder of Navellier & Associates, noted that interest rates rose across the curve due to postponed expectations of a Fed rate cut, leading to a strengthening U.S. dollar and a decline in gold prices, as mentioned in a client note on Thursday.
GOLD BUY 1949 - 1947🕯🕯
✅ TP1: 1955
✅ TP2: 1960
✅ TP3: 1965
❌ SL: 1943
On Comex, gold futures for August delivery settled at $1,945.70 per ounce, marking a 1.2% decline and a loss of $24.40. This settlement was the lowest for the most-active contract since July 11, according to Dow Jones Market Data.
The increase in the 10-year Treasury yield to 3.98% on Thursday, coupled with a stronger U.S. dollar against other currencies, exerted pressure on the precious metal.
Louis Navellier, the chief investment officer and founder of Navellier & Associates, noted that interest rates rose across the curve due to postponed expectations of a Fed rate cut, leading to a strengthening U.S. dollar and a decline in gold prices, as mentioned in a client note on Thursday.
GOLD BUY 1949 - 1947🕯🕯✅ TP1: 1955
✅ TP2: 1960
✅ TP3: 1965
❌ SL: 1943
Note
HIT TP1 + 70Pips ✅✅Note
BUY againNote
The market is moving in the right directionNote
News Today:- Core PCE Price Index m/m
- Employment Cost Index q/q
- Revised UoM Consumer Sentiment
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.