Gold Prices at 2-Week Low on Surging Treasury Yields and Fed...
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Gold prices closed at a two-week low as benchmark Treasury yields surged to nearly 4% following the Federal Reserve's decision to raise rates to their highest level in 22 years and expressing optimism about avoiding a U.S. recession.
On Comex, gold futures for August delivery settled at $1,945.70 per ounce, marking a 1.2% decline and a loss of $24.40. This settlement was the lowest for the most-active contract since July 11, according to Dow Jones Market Data.
The increase in the 10-year Treasury yield to 3.98% on Thursday, coupled with a stronger U.S. dollar against other currencies, exerted pressure on the precious metal.
Louis Navellier, the chief investment officer and founder of Navellier & Associates, noted that interest rates rose across the curve due to postponed expectations of a Fed rate cut, leading to a strengthening U.S. dollar and a decline in gold prices, as mentioned in a client note on Thursday.
GOLD BUY 1949 - 1947🕯🕯
✅ TP1: 1955
✅ TP2: 1960
✅ TP3: 1965
❌ SL: 1943
On Comex, gold futures for August delivery settled at $1,945.70 per ounce, marking a 1.2% decline and a loss of $24.40. This settlement was the lowest for the most-active contract since July 11, according to Dow Jones Market Data.
The increase in the 10-year Treasury yield to 3.98% on Thursday, coupled with a stronger U.S. dollar against other currencies, exerted pressure on the precious metal.
Louis Navellier, the chief investment officer and founder of Navellier & Associates, noted that interest rates rose across the curve due to postponed expectations of a Fed rate cut, leading to a strengthening U.S. dollar and a decline in gold prices, as mentioned in a client note on Thursday.
GOLD BUY 1949 - 1947🕯🕯✅ TP1: 1955
✅ TP2: 1960
✅ TP3: 1965
❌ SL: 1943
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