Gold prices rose as Treasury yields dipped. It had the largest daily loss since October 2 and fell for three consecutive days.
Gold prices edged higher in early Asian hours on Thursday due to a dip in Treasury yields. Bullion had its biggest daily loss since 2 Oct and dropped for three days in a row the previous session.
Powell did not comment on monetary policy or the economic outlook in prepared remarks at a conference on Wednesday. He is scheduled to speak at another conference on Thursday.
Investors began to shrug off the conflict in the Middle East which has not had a knock-on effect. Notably more splits have emerged between the US and Israel.
Secretary of State Blinken said Wednesday that Gaza should be unified with the West Bank under the Palestinian Authority once the war is over while Netanyahu suggested that his country could hold a security role in Gaza “for an indefinite period.”
A rebound in equity markets also helped drive outflow out of gold investment. The S&P 500 has gained 4.5% in Nov after a substantial pullback that lasted for three months.
Outflows from physically-backed gold ETFs totalled $2bn in October, the fifth consecutive monthly loss, according to WGC. Higher for longer interest rates give cash an edge over the interest-free asset.
Gold price settles below the broken neckline of the double top pattern and limps around the 1950 area. The 50 MA seems the next support where it could find stability.
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2024-09-06Oil prices rose slightly on Friday, as investors balanced a large US crude inventory draw and OPEC+ production delays with mixed US employment data.
2024-09-06Bullion steadied Thursday below $2500 after a market sell-off. It is expected to remain near this level until the NFP report is released.
2024-09-05