• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

Do You Have the Finances of an Average American?

July 28, 2025

8 Surprising Household Items You Can Sell for Fast Cash

July 28, 2025

This Mindset Can Protect Your Business From Costly Mistakes

July 27, 2025
Facebook Twitter Instagram
Trending
  • Do You Have the Finances of an Average American?
  • 8 Surprising Household Items You Can Sell for Fast Cash
  • This Mindset Can Protect Your Business From Costly Mistakes
  • How the Next Generation of Entrepreneurs Is Outpacing Us — and Why
  • More Than 1,000 Business and Tech Courses Can Be Yours Forever for Just $20
  • Learn How to Use ChatGPT to Automate Your Business
  • What You Need To Know About The New Retirement Account RMD Penalty
  • Are You Working to Live or Just to Cover the Rent?
Monday, July 28
Facebook Twitter Instagram
iSafeSpend
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
iSafeSpend
Home » Gold prices slide for 3rd straight day as rising Treasury yields, stronger U.S. dollar sap demand
Investing

Gold prices slide for 3rd straight day as rising Treasury yields, stronger U.S. dollar sap demand

News RoomBy News RoomAugust 7, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

Gold prices slipped again on Thursday to book a third day in the red, as rising Treasury yields and a stronger U.S. dollar following Fitch Ratings’ downgrade of the U.S. credit rating put pressure on precious metals.

Price action

  • Gold prices for December
    GC00,
    -0.35%

    GCZ23,
    -0.35%
    delivery fell by $6.20, or 0.3%, to settle at $1,968.80 per ounce on Comex.

  • Silver prices for September
    SI00,
    -2.18%

    SIU23,
    -2.18%
    delivery lost 18 cents, or 0.7%, to end at $23.70 per ounce.

  • Palladium futures for September
    PA00,
    -2.22%

    PAU23,
    -2.22%
    rose $15.60 or 1.3%, ending at $1,257.40 per ounce, while platinum for October
    PL00,
    -0.16%

    PLV23,
    -0.16%
    was off $8.60, or 0.9%, to end at $921.80 per ounce.

  • Copper futures
    HG00,
    -0.83%

    HGU23,
    -0.83%
    gained 6 cents, or 1.5%, to settle at $3.90 per pound.

Market drivers

Gold prices have seen their shine dim slightly this week. While the yellow metal is still trading well above its late-June lows of around $1,910 per ounce, a stronger U.S. dollar and rising Treasury yields threatened to push it even lower.

Fitch Ratings’ decision to downgrade the U.S. credit rating from AAA to AA+ and the Treasury Department’s plans to issue $1 trillion in debt during the third quarter stoked anxieties that pushed bond yields higher on Thursday.

See: How Fitch downgrade might impact Treasury’s $1 trillion third-quarter borrowing plans

U.S. yields rose again on Thursday, pushing the 10- and 30-year rates further into their highest levels since November, 2022, according to FactSet data. The yield on the 10-year Treasury note 
BX:TMUBMUSD10Y
was up 11 basis points, to 4.185% from 4.077% on Wednesday afternoon, while the yield on the 30-year Treasury bond
BX:TMUBMUSD30Y
rose 15 basis points to 4.308%.

Pershing Square Capital Management founder Bill Ackman added more pressure on the long end of the yield curve by declaring that he’s short 30-year Treasury bonds.

“The Fitch downgrade has breathed new life into the dollar rally. As a first step, investors are getting rid of the weakest assets in their portfolios by buying more liquid Treasuries and the dollar,” said Alex Kuptsikevich, senior market analyst at FxPro.

In 2011, the S&P downgrade of the U.S. triggered a multi-year rally in the dollar as other countries fared even worse, not to mention riskier corporate bonds —something similar could happen this time around, Kuptsikevich said.

However, the long road must begin with “the first step,” as the greenback has been in a downward channel since November, so in order to confirm a reversal, it would need to climb above the previous local peak at 104.2, he said in emailed commentary on Thursday.

The ICE U.S. dollar index
DXY
shed less than 0.1%, to 102.50 on Thursday afternoon.

Rising Treasury yields and a stronger U.S. dollar tend to weigh on gold, since higher yields allow investors to reap higher returns elsewhere, and a stronger dollar makes gold more expensive for buyers in other currencies.

See: Fitch’s historic U.S. downgrade explained in one chart

In U.S. economic data on Thursday, the number of Americans who applied for unemployment benefits last week rose slightly to 227,000 from a five-month low, offering more evidence that layoffs are low and the labor market remains robust.

Nonfarm productivity, which measures hourly output per worker, increased at a 3.7% annualized rate in the second quarter, recovering from a revised 1.3% decline in the first three months of the year, according to a Labor Department report.

See: July jobs forecast: 200,000. Still too hot for the Fed, but the devil is in the details.

Traders awaited Friday’s government’s jobs report for July, which is expected to show the U.S. economy added 200,000 jobs last month, down from 209,000 in June, economists polled by the Wall Street Journal estimate.

Meanwhile, the percentage of jobless Americans is forecast to hold steady at 3.6% in July and leave it near a half-century low.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

How the Next Generation of Entrepreneurs Is Outpacing Us — and Why

Investing July 27, 2025

Why I Almost Always Choose Referrals When Hiring — And You Should Too

Investing July 26, 2025

How to Earn Customer Trust and Boost Sales Without Big Ad Budgets

Investing July 25, 2025

Ready to Get Off the Social Media Hamster Wheel? Discover the Platform That Actually Boosts Your Discoverability

Investing July 24, 2025

Good Luck Trying to Buy a Home Right Now

Investing July 23, 2025

How I Quietly Secured the Perfect Domain Name — Without Overpaying

Investing July 22, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

8 Surprising Household Items You Can Sell for Fast Cash

July 28, 20250 Views

This Mindset Can Protect Your Business From Costly Mistakes

July 27, 20250 Views

How the Next Generation of Entrepreneurs Is Outpacing Us — and Why

July 27, 20250 Views

More Than 1,000 Business and Tech Courses Can Be Yours Forever for Just $20

July 27, 20250 Views
Don't Miss

Learn How to Use ChatGPT to Automate Your Business

By News RoomJuly 27, 2025

Disclosure: Our goal is to feature products and services that we think you’ll find interesting…

What You Need To Know About The New Retirement Account RMD Penalty

July 27, 2025

Are You Working to Live or Just to Cover the Rent?

July 27, 2025

These Are the Remote Work Trends for 2025 — Including the Highest Paying Jobs

July 27, 2025
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: support@isafespend.com

Our Picks

Do You Have the Finances of an Average American?

July 28, 2025

8 Surprising Household Items You Can Sell for Fast Cash

July 28, 2025

This Mindset Can Protect Your Business From Costly Mistakes

July 27, 2025
Most Popular

Why Make Year-End Charitable Donations?

August 6, 20235 Views

More than half of Gen Xers stopped saving for retirement, here’s why: Survey

August 5, 20233 Views

Do You Have the Finances of an Average American?

July 28, 20250 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 iSafeSpend. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.