© Reuters. Gold is recovering and rising to its highest level in more than two months, so why?
Arabictrader.com – Gold prices witnessed a clear recovery during Thursday’s trading, and spot contracts for the yellow metal rose to their highest levels in more than two months, amid investors’ anticipation today for the release of new jobless claims data for this week and some other data.
now
In terms of trading, spot gold prices rose by 0.28% to reach $1,981.64 an ounce, after reaching $1,987.44 an ounce early in the session. December delivery prices also increased by 0.06% to $2,020.60 an ounce.
As for metals other than gold, spot contracts increased by about 0.28%, recording $25.22 an ounce, while it decreased by 0.18%, recording $974.27 an ounce, and it also fell by 0.58% to $1,300.77 an ounce.
The most important factors that affected the movements of gold
Gold witnessed a strong boost during today’s trading amid the apparent decline in risk appetite in Asian stock markets after the Japanese government cut its forecast for economic growth in the country and the People’s Bank of China announced some measures to enhance companies’ ability to obtain greater external financing, which reflects the face of the two largest economies in Asia to clear challenges. , which helped gold to achieve some profits today.
The rise of gold came despite the recovery in today’s returns, which managed to recover again, to raise the standard 10-year Treasury yields by 1.30% to 3.79%, as gold was able to benefit from the decline in the dollar.
And it – which measures the performance of the US currency against a basket of 6 other major currencies – declined marginally by 0.06% to 100.22 points, which helped reduce the opportunity cost of possessing gold, which strengthened the position of bullion today in light of the decrease in risk appetite.
At the same time, investors’ bets continued that the possible hike in prices by the Federal Open Market Committee of the US Federal Reserve will be the last in the current tightening cycle, which put some pressure on the dollar and boosted the profits of gold, which rose to its highest levels since last May 17, That is, in more than two months.
Investors are currently awaiting the release of new data in the United States for the week ending July 15 later in the day, as well as for the state of Philadelphia and existing home sales.
2023-07-20 08:52:00
#Gold #recovering #rising #highest #level #months #Arab #Trader
