Gold Prices Decline as Investors Expect Prolonged Higher Interes
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Gold prices were poised for a fourth consecutive weekly decline on Friday, as investors anticipated that the Federal Reserve would maintain higher interest rates for an extended period, which negatively impacted the non-yielding bullion.
Key factors influencing the market include:
Spot gold held steady at $1,911.85 per ounce as of 0023 GMT, registering a 0.4% decline for the week. Meanwhile, U.S. gold futures increased marginally by 0.1% to $1,917.70.
In June, private payrolls in the United States surpassed expectations, indicating a robust labor market despite the escalating risks of a recession due to elevated interest rates.
Lorie Logan, President of the Federal Reserve Bank of Dallas, emphasized the possibility of a rate hike during the June policy meeting, reinforcing her belief that additional rate increases will be necessary to moderate a still-strong economy.
Gold is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost associated with holding non-yielding bullion.
According to CME's Fedwatch tool, investors currently perceive a 92% probability of a 25-basis-point hike in July, following the pause observed last month.
Furthermore, the yield on 10-year Treasury notes (US10Y) rose to its highest level since March 2 after Thursday's labor market data release, further weighing on gold.
Market participants will closely scrutinize Friday's U.S. nonfarm payrolls report to gain more insight into the Fed's rate-hike trajectory. Additionally, they will pay attention to U.S. Treasury Secretary Janet Yellen's visit to Beijing, considering the renewed tensions.
The Bank of Japan's Deputy Governor Shinichi Uchida expressed a commitment to maintain its yield curve control policy for the time being, according to the Nikkei newspaper.
Spot silver (XAGUSD1!) declined by 0.2% to $22.6994 per ounce, while platinum (PL1!) remained relatively stable at $901.18.
Palladium (XPDUSD1) experienced a 0.2% decrease to $1,238.87 but was on track for a 1% weekly gain.
XAUUSD BUY LIMIT 1905 - 1907💯💯
✅ TP1: 1912
✅ TP2: 1917
✅ TP2: 1922
🛑 SL: 1900
Key factors influencing the market include:
Spot gold held steady at $1,911.85 per ounce as of 0023 GMT, registering a 0.4% decline for the week. Meanwhile, U.S. gold futures increased marginally by 0.1% to $1,917.70.
In June, private payrolls in the United States surpassed expectations, indicating a robust labor market despite the escalating risks of a recession due to elevated interest rates.
Lorie Logan, President of the Federal Reserve Bank of Dallas, emphasized the possibility of a rate hike during the June policy meeting, reinforcing her belief that additional rate increases will be necessary to moderate a still-strong economy.
Gold is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost associated with holding non-yielding bullion.
According to CME's Fedwatch tool, investors currently perceive a 92% probability of a 25-basis-point hike in July, following the pause observed last month.
Furthermore, the yield on 10-year Treasury notes (US10Y) rose to its highest level since March 2 after Thursday's labor market data release, further weighing on gold.
Market participants will closely scrutinize Friday's U.S. nonfarm payrolls report to gain more insight into the Fed's rate-hike trajectory. Additionally, they will pay attention to U.S. Treasury Secretary Janet Yellen's visit to Beijing, considering the renewed tensions.
The Bank of Japan's Deputy Governor Shinichi Uchida expressed a commitment to maintain its yield curve control policy for the time being, according to the Nikkei newspaper.
Spot silver (XAGUSD1!) declined by 0.2% to $22.6994 per ounce, while platinum (PL1!) remained relatively stable at $901.18.
Palladium (XPDUSD1) experienced a 0.2% decrease to $1,238.87 but was on track for a 1% weekly gain.
XAUUSD BUY LIMIT 1905 - 1907💯💯 ✅ TP1: 1912
✅ TP2: 1917
✅ TP2: 1922
🛑 SL: 1900
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