Gold Holds Near 3-Week Lows on Strong US Data, Dollar Gains

Gold prices remained close to three-week lows on Thursday after strong US private payrolls data signalled the economy could avoid recession, boosting expectations for more Federal Reserve rate hikes and the US dollar. 

Spot gold was little changed at $1,936.07 per ounce, near its lowest since July 11. US gold futures fell 0.2% to $1,971.90.

The US dollar index hit a four-week high and 10-year Treasury yields rose to November highs after data showed private payrolls rose more than expected in July. Focus is now on Friday's jobs report for clues on more Fed rate hikes.

The Bank of England is expected to raise rates to a 15-year high later Thursday amid high UK inflation.

Non-yielding gold is seen as a safe investment during economic uncertainty but tends to decline when interest rates rise. Analysts said $1,933 is a key support level for gold, with a breach possibly sending prices to $1,920.

Silver fell 0.7% to $23.58 an ounce, platinum dropped 0.3% to $918.43 and palladium slid 0.9% to $1,232.44, all near three-week lows.

مواضيع مرتبطة
التعليقات
or

For faster login or register use your social account.

Connect with Facebook