Gold prices fell today, Wednesday, after the rise of the dollar and US Treasury bond yields, following the release of data showing that the number of jobs in the private sector in the United States rose more than expected in July.
The spot gold price fell 0.5 percent to $1,935.27 an ounce by 1550 GMT, after rising by 0.6 percent, following Fitch’s downgrade of the US government’s rating to AA+ from AAA.
US gold futures fell 0.3 percent to $1,972.10.
“High interest rates will eventually put pressure on gold. We are also seeing a continued rise in the dollar… Prices are currently above $1,900 and below $2,000,” said Daniel Pavilonis, senior market analyst at RJO Futures.
The dollar rose 0.4 percent, surpassing its highest level three weeks ago, making gold more expensive for holders of other currencies, while 10-year Treasury yields rose to their highest level since July 10.
ADP’s national employment report showed on Wednesday that the US private sector added 324,000 jobs last month.
Spot silver fell 2.5 percent to $23.71 an ounce, platinum fell 1.1 percent to $920.78, while palladium fell 0.4 percent to $1,235.17.
2023-08-02 17:20:58
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