Gold prices have fallen to their lowest levels since March 2021 due to rising US Treasury yields and rising dollar.
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Spot gold fell 1.2% to $ 1,674.99 an ounce.
Gold prices have fallen to their lowest levels since March 2021, today, Thursday, due to rising U.S. Treasury bond yields and rising dollar, and is betting that the Federal Reserve States) will raise interest rates by a large percentage, once again reduced the attractiveness of the yellow metal.
And gold fell in spot trades 1.2% to $ 1674.99 an ounce (one ounce), by 14:50 GMT, and US gold futures fell 1.1% at $ 1690.90.
And gold cut losses, for a while, after investors evaluated data that showed U.S. retail sales jumped unexpectedly in August, while separate data showed that subsidy claims Weekly unemployment in the United States fell 5,000 to 213,000 adjusted applications on a seasonally adjusted basis last week. .
Markets have already absorbed interest rate hikes of at least 75 basis points by the end of the US Federal Reserve meeting next week, and the increase could reach 100 basis points.
Gold is generally considered to be a tool for avoiding inflation but does not generate a return, so it is sensitive to interest rates and Treasury yields.
In turn, the head of the International Monetary Fund, Kristalina Georgieva, said today, Wednesday, that central bankers should persevere in the fight against large-scale inflation.
As for the other metals, in spot transactions silver fell 1.9% to $ 19.31 an ounce and platinum rose 0.5% to $ 910.52, while palladium fell 0.7% to $ 2,149.35.
“The strength of the dollar index this week, coupled with rising US Treasury yields and some US inflation data, has left gold and silver buyers mostly on the fence,” Kitco analyst Jim Wyckoff Metals (one of the world’s suppliers of precious metals), said in a statement. margin”.
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