New York Gold Market Conditions: Gold Closes $7.30 High as Dollar Weakness Supports Buying
InfoQuest – New York gold futures closed higher on Friday (Aug. 4) after a three-day losing streak, supported by a weak dollar. and a decline in US government bond yields. after revealing US employment numbers that are lower than expected This will slow down the interest rate hike by the US Federal Reserve (Fed).
The COMEX (Commodity Exchange) gold contract is delivered in December. Up 7.30 or 0.4% to close at $1,976.10/ounce, but down 1.2% for the week.
Silver metal contracts delivered in September. rose 2 cents, or 0.1%, to close at $23.72/ounce.
The platinum contract was delivered in October. up $6.70, or 0.7%, to close at $928.50/ounce.
The palladium contract will be delivered in September. rose $7.20, or 0.6%, to close at $1,264.60/ounce.
Gold futures rise on buying pressure After the dollar weakened by dollar index The greenback, which measures the greenback against a basket of six major currencies, was down 0.52 percent at 102.0145 on Friday.
In addition, lower US Treasury yields also helped boost gold futures.
A weak dollar increases the attractiveness of gold. By making gold contracts cheaper for holders of other currencies. As for the fall in US government bond yields. This will reduce the opportunity cost of holding gold. Because gold is an asset without interest in the form of interest.
The dollar weakened and US Treasury yields fell. after the release of US employment numbers that are lower than expected This will slow down the rate hike by the Fed.
The Labor Department said on Friday (Aug. 4) nonfarm payrolls rose by 187,000 in July. The unemployment rate fell to 3.5%, below analysts’ expectations of 3.6%.
Meanwhile, workers’ average hourly wages rose 4.4 percent in July year on year. That was above analysts’ expectations of 4.2% and month on month. Average hourly wages for workers rose 0.4 percent, above analysts’ forecast of 0.3 percent.
Hourly wage numbers are the top priority for the Federal Reserve (Fed) in looking for signs of inflation.
Click to read the original news from InfoQuest.
2023-08-05 08:17:34
#York #Gold #Outlook #Gold #Closes #High #Dollar #Weakness #Encourages #Buying #InfoQuest
