Gold ticked higher Friday, attempting to snap a nine-day losing streak sparked by a sharp rise in Treasury yields and a stronger U.S. dollar.
Gold futures ticked higher early Friday, attempting to snap a nine-day losing streak sparked by a sharp rise in global bond yields and a stronger U.S. dollar.
Rising yields and a stronger dollar, driven by strong U.S. economic data that has reinforced expectations the Federal Reserve will keep rates “higher for longer,” are getting much of the blame for gold’s slide. Rising yields raise the opportunity cost of holding a nonyielding asset like gold, while a stronger dollar can be a negative for commodities priced in the unit by making them more expensive to users of other currencies.
“In this environment, the physical demand in Asia can hardly do anything to help, and China’s gold imports are unlikely to move prices,” she said.
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