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Investing.com – Gold prices were steady on Thursday, although prices hovered near six-month lows in the previous session on a stronger dollar and Treasury yields, as markets awaited more US economic data for clues on the Fed’s interest rate path. Federal Reserve.
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Gold and dollar now
It rose slightly to $1,892 per ounce, or 0.05%.
While it rose to $1875 per ounce.
On the other hand, it settled at 106.382 points.
Gold at settlement yesterday
Gold prices fell at the settlement of trading yesterday, Wednesday, in light of the continued gains of the dollar index following growing expectations of monetary tightening by the Federal Reserve.
Upon settlement, gold futures for December delivery fell by 1.5%, or $28.9, to reach $1,890.9 per ounce, the lowest settlement since February 24.
Important data and Federal Reserve statements, the strength of the dollar and the rise in bonds
US durable goods orders rose in August and business spending on equipment appears to be regaining momentum, data showed on Wednesday.
“The durable goods data was higher than expected — that’s why the 10-year yield was up, that’s why the dollar was up as well, that’s why we saw selling pressure on gold,” said Hugo Pascal, a precious metals trader at InProved.
The dollar hit a 10-month high against major peers, while Treasury yields jumped to a new 16-year peak as investors bet the US economy will outperform its rivals in a high-interest-rate environment.
Minneapolis Federal Reserve Bank President Neel Kashkari said on Wednesday that it is not yet clear whether the US central bank is finished raising interest rates amid sufficient evidence of continued economic strength.
Higher interest raises the opportunity cost of holding bullion, which is priced in dollars and yields no interest.
Market focus now turns to the second-quarter revised US GDP growth rate and weekly jobless claims due later in the day, with the August personal consumption expenditures (PCE) price index, the Fed’s preferred measure of inflation, due on Friday.
Meanwhile, the top Republican in Congress, Kevin McCarthy, on Wednesday rejected a temporary funding bill, bringing the US government closer to the fourth partial shutdown in a decade.
other metals
Spot fell 0.2% to $22.48 an ounce, while platinum rose 0.1% to $888.25.
It fell 0.2 percent to $1,219.83, and is scheduled to decline for the sixth session in a row, if losses continue.
2023-09-28 07:11:00
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