Gold price slides with higher yields as traders eye Fed policy, China. gold china markets
Gold fell as Treasury yields and the dollar rose, with traders assessing fresh US economic data for cues on the Federal Reserve’s rate policy along with China’s relaxation of its Covid-Zero policies.
Solid US economic data on Monday boosted the chances of higher interest rates for longer from the Fed, which is negative for bullion as it pays no interest. Treasury yields and the dollar extended gains after the figures were released, sending bullion down as much as 1.4%.The Institute for Supply Management’s gauge of services rose to 56.5 last month from 54.4 in October. Readings above 50 signal growth, and the median projection in asurvey of economists was 53.5.
The precious metal had been hurt by the US central bank’s aggressive rate hikes this year, although it rose above the key $1,800 level last week amid signs the Fed might be less hawkish. “We see signs of buying exhaustion in gold, but a notable consolidation in prices will be needed before CTA trend followers spark renewed outflows,” said Daniel Ghali, senior commodity strategist at TD Securities.
Spot gold fell 1.1% to $1,777.15 an ounce as of 10:42 a.m. in New York. The Bloomberg Dollar Spot Index strengthened 0.4% after earlier falling as much as 0.4%, while 10-year Treasury yields rose above 3.6%. Silver and platinum dropped, while palladium was little changed.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
CEO of Louisville solid-state battery cell maker steps down; Solid Power looks for replacementDoug Campbell has resigned as CEO of Louisville-based Solid Power, a developer of solid-state batteries, considered the next evolution in electric-vehicle technology.
Weiterlesen »
EUR/USD price Analysis: Refreshes five-month high above 1.0550 on solid risk-on profileEUR/USD price Analysis: Refreshes five-month high above 1.0550 on solid risk-on profile – by Sagar_Dua24 EURUSD RiskAppetite Breakouts Momentum SupportResistance
Weiterlesen »
49ers' punishing defense, Purdy's solid performance deliver 33-17 win over DolphinsRookie Brock Purdy threw two touchdown passes after replacing an injured Jimmy Garoppolo and the 49ers used another dominant defensive performance to beat the Dolphins 33-17.
Weiterlesen »
Black Panther WIns Again, Violent Night Solid At Weekend Box OfficeBlack Panther: Wakanda Forever won yet another Weekend Box Office though Violent Night also had a solid debut.
Weiterlesen »
How keeping cool just went green, thanks to solid refrigerants — The BlueprintWe catch up with one of the team behind the first-of-its-kind air conditioner that uses solid refrigerants.
Weiterlesen »
In the face of challenging schedule, Lake Creek off to a solid startLake Creek capped the Grand Oaks Tournament on Saturday with a win over state-ranked Port...
Weiterlesen »