Gold prices were relatively stable Thursday, despite the rise of the dollar and the rise in US Treasury yields, with the start of a state of caution before Jerome Powell, Chairman of the Federal Reserve (US Central Bank), at a meeting of central bank officials in Jackson Hole.
The Federal Reserve holds its annual meeting in Jackson Hole, Wyoming, from Aug. 24-26, and investors are awaiting Fed Chairman Jerome Powell’s speech on Friday to see if interest rates will remain high for much longer.
Data showed that the number of Americans filing new applications for unemployment benefits fell last week, with labor market conditions remaining healthy despite the central bank’s monetary tightening cycle.
Higher interest rates in the United States increase the opportunity cost of holding non-yielding gold.
The dollar and US Treasury yields jumped after new jobless claims data in the United States, which also reduced demand for gold.
price move
By 1748 GMT, spot gold rose 0.1 percent to $1916.69 an ounce. While US gold futures fell 0.1 percent to $1,947.10.
As for other precious metals, silver fell in spot transactions by 0.8 percent to $ 24.13 an ounce, and platinum rose 0.8 percent to $ 937.38. While palladium fell 3.2 percent to $1,232.86 an ounce.
2023-08-24 18:59:00
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