The world gold market was under pressure due to the increase in US Treasury bond yields and the USD index. Yields on 10-year US Treasuries hit their highest level in 15 years. The USD index recorded a 9-week high, closing the session at 103 points.
Bond yields rose ahead of the possibility that the US Federal Reserve (Fed) would maintain the current high interest rates, not to mention the Fed may continue to raise interest rates in September. That creates a challenging environment for gold, which means gold prices are unlikely to rise in the near term.
Bond yields rose ahead of the possibility that the US Federal Reserve (Fed) would maintain the current high interest rates, not to mention the Fed may continue to raise interest rates in September. That creates a challenging environment for gold, which means gold prices are unlikely to rise in the near term.
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The world gold price gained modestly after a series of quiet days thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, fell 0.19%, increasing the attractiveness of gold to buyers holding other currencies.
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🔹Emerging markets group BRICS invites 6 new members, including Saudi Arabia and Iran.
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🟢The Dow Jones Industrial Average shed 36 points, or 0.1%, after being up more than 200 points at session highs. The S&P 500 slipped 0.2%, while the Nasdaq Composite dipped nearly 0.3%.
