Gold prices are recovering slightly from their lowest levels in two weeks, after strong US economic data triggered a sell-off in the previous session.
Gold rose in instant transactions by 0.3%, recording $ 1950.84 an ounce.
Gold prices recovered today, Friday, slightly from their lowest levels in two weeks, after strong US economic data caused a wave of selling in the previous session, and with an atmosphere dominated by high interest rates, pushed the yellow metal towards recording its largest weekly loss in 5 weeks.
Gold in instant transactions rose 0.3%, recording $1950.84 an ounce (an ounce) by 06:57 GMT, after earlier reaching its lowest level since July 12, and US gold futures rose 0.2% to $1949.80 an ounce.
Gold prices have fallen, by 0.5%, since the beginning of the week, and are heading to record the largest weekly loss since June 23, with the US Central Bank and the European Central Bank continuing to raise interest rates and leaving them open options to implement more.
Yesterday, Thursday, data showed that the US economy grew faster than expected in the second quarter, which enhances the chances of avoiding a recession.
That strong data pushed the dollar index and 10-year US Treasury yields to the highest level in two weeks, prompting gold prices to drop 1.4% in the previous session, which was the largest one-day loss in nearly two months.
Higher interest rates in the United States, and with them Treasury yields, raise the opportunity cost of holding non-yielding gold.
As for other precious metals, silver rose in spot transactions by 0.3% to $24.19, as well as platinum by the same rate, to $938.85, while palladium fell 0.5% to $1234.21. All of these metals are expected to record a weekly loss.
2023-07-28 11:41:34
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