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Gold fell today, Friday, to its lowest level in nearly nine months and is heading lower for the third week in a row, as the dollar and bond yields rose after the president’s statements. Federal Reserve Jerome Powell (the US Central Bank) in which he says that the increase in yields does not disrupt the system.
And gold fell in immediate trades 0.3% to $ 1,692.13 an ounce, after falling to its lowest level since June 8 at $ 1,686.40. Since the start of the week, gold has fallen 2.3%.
And US gold futures fell 0.6% to $ 1,690.40.
On Thursday, Powell reiterated his promise to keep credit flexible and said that while the increase in yields was “noticeable”, he didn’t think the Fed should step in to reduce it.
Jeffrey, currently a senior market analyst at Oanda, said: “It is clear that Powell was not inclined towards sufficient monetary easing in the markets yesterday, and in a way, he gave the green light to a new one. increase in US yields by stating he was comfortable with it. “
“All indicators point to the continuation of the bond boom,” adding that it seems inevitable that gold will fall from current levels and take larger losses at $ 1,600.
US 10-year yields held above 1.5% as the dollar hit its highest level in three months. Higher yields increase the opportunity cost of holding the non-yielding yellow metal.
As for other precious metals, silver fell 0.5% to $ 25.17 an ounce, and 5% for the week, in the worst performance since late November.
Palladium fell 0.2% to $ 2,334 and platinum was down 0.6% to $ 1,119.53.
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