gold
The yellow metal prices recorded a noticeable decline in the first trading this week, today, Monday; In conjunction with the rise of the US dollar index and US bond yields, in light of the markets’ anticipation for the release of the US manufacturing managers’ index data issued by ISM, to be released today, which may have an impact on the movements of the US dollar and gold prices during trading.
Gold prices now
In terms of standard gold metal transactions today, we find that spot gold contracts declined by 0.37% and reached $1,912.17 an ounce, in addition to a decline in gold futures contracts at a rate of 0.48%, recording about $1,920.10 an ounce.
The rise of the US dollar index weakens gold levels
The rise in the US dollar index, which measures the performance of the US currency against a basket of six other major foreign currencies, had a clear reason for the decline in gold prices during today’s trading, against the backdrop of an inverse relationship between the two parties, and therefore the movements of the US dollar, whether up or down, are reflected in The performance of the commodities denominated in it, especially the gold metal. In this case, the rise of the dollar affected gold prices negatively, given that it raises the costs of purchasing it.
In this context, the US dollar index recorded an increase of about 0.22% and reached 102,820 points, which reinforced the decline in gold prices, supported by some strong statements issued by US Federal Reserve Governor Jerome Powell regarding monetary policy; By the end of last week; Where he indicated that there will likely be other interest rate increases in the future, given that it will take time to return inflation to the target of 2%, and this in turn provided support for the performance of the US dollar, which caused a decline in gold prices.
The rise in US bond yields increases the pressure on the performance of gold
Also, the rise in US bond yields caused a drop in gold prices and continued the downward momentum during today’s trading, as the 10-year US bond yield increased by 0.84% and reached 3.851 points. In addition, the US 20-year bond yield rose by 0.12%. It scored about 4,071 points, which negatively affected gold price trading.
Wait for the release of some US economic data
In addition, the markets are awaiting the release of the US ISM Manufacturing PMI data, due to be released later today, which reflects the performance of the US economic activity, and thus affects the performance of both the US dollar and gold prices.
other precious metals prices
During today’s trading, spot silver contracts recorded a marginal decrease by 0.06% and reached $22.76, in addition to palladium prices declining by 0.10% and recording about $1,229.13, and platinum prices also fell by 0.30% and reached $903.55.
Gold prices are rising and succeeding in rising near 1920 dollars an ounce
2023-07-03 10:42:23
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