The price of gold futures continued to fall. Recently dropped to $ 1,940, affected by the rebound in US government bond yields. This increases the opportunity cost of holding gold. Because gold is an asset without interest in the form of returns.
At 10:57 p.m. Thai time, the COMEX (Commodity Exchange) gold contract is delivered in December. minus $ 4.50 or 0.23% to $ 1,939.50 / ounce
Yields on the 10-year U.S. Treasury rose to their highest in nearly 10 months after U.S. retail sales beat expectations on Tuesday. This will be a factor supporting interest rate hikes by the US Federal Reserve (Fed).
The 10-year government bond yield rebounded to 4.274 percent, the highest level since October 2022. As for the 2-year government bond yield, which is sensitive to the Fed’s monetary policy. It surged past 5% to 5.024%, its highest level since July 7.
The US Commerce Department said Retail sales rose 3.17% in July year on year. This was higher than analysts expected a 1.50% increase.
month by month Retail sales rose 0.7% in July, beating analysts’ expectations of a 0.4% increase.
Retail sales were boosted by online sales on Amazon Prime Day.
Excluding car sales Retail sales rose 1% in July, beating analysts’ expectations of a 0.4% increase.
2023-08-15 16:04:00
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