{"id":12689,"date":"2023-08-18T03:59:00","date_gmt":"2023-08-18T03:59:00","guid":{"rendered":"https:\/\/isafespend.com\/investing\/gold-prices-continue-to-struggle-after-sliding-to-1-month-lows-as-rising-bond-yields-heap-pressure-on-metals\/"},"modified":"2023-08-18T03:59:01","modified_gmt":"2023-08-18T03:59:01","slug":"gold-prices-continue-to-struggle-after-sliding-to-1-month-lows-as-rising-bond-yields-heap-pressure-on-metals","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12689","title":{"rendered":"Gold prices continue to struggle after sliding to 1-month lows as rising bond yields heap pressure on metals"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002399988\" role=\"document\">\n<p>Gold prices slid further on Tuesday, settling at their lowest levels in more than a month, as the Treasury yields and the U.S. dollar climbed following the release of official data showing a surge of sales by American retailers in July. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.37%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"positive\">+0.37%<\/bg-quote><br \/>\n       were off by $8.80, or 0.5%, to settle at $1,935.20 per ounce on Comex. That was the yellow metal\u2019s lowest settlement since July 10 when it settled at $1,931, according to FactSet data.<\/p>\n<\/li>\n<li>\n      Silver futures for September delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.70%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.70%<\/bg-quote><br \/>\n       declined by 5 cents, or 0.2%, to end at $22.66 per ounce. <\/p>\n<\/li>\n<li>\n      Palladium futures for September delivery<br \/>\n        PA00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210237962\/delayed\" class=\"positive\">+0.82%<\/bg-quote><\/p>\n<p>        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.82%<\/bg-quote><br \/>\n       fell by $34.30, or 2.7%, to finish at $1,238.60 per ounce, while platinum futures for October delivery<br \/>\n        PL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210261555\/delayed\" class=\"positive\">+0.65%<\/bg-quote><\/p>\n<p>        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.65%<\/bg-quote><br \/>\n       declined by $14.60, or 1.6%, to settle at $892.20 per ounce. <\/p>\n<\/li>\n<li>\n      Copper futures for September delivery<br \/>\n        HG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210054311\/delayed\" class=\"positive\">+0.07%<\/bg-quote><\/p>\n<p>        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"positive\">+0.07%<\/bg-quote><br \/>\n       declined by 6 cents, or 1.6%, to $3.67 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Prices of the yellow metal slid further on Tuesday, building on earlier losses, following the release of better than forecast retail-sales data showing U.S. retailers had a strong July, mostly due to the impact of Amazon Prime Day.<\/p>\n<div class=\"paywall\">\n<p>Sales at U.S. retailers rose 0.7% in July and posted the biggest increase in six months. They had been forecast to rise 0.4%. <\/p>\n<p><strong>See:<\/strong> Amazon Prime Day helps deliver biggest gain in U.S. retail sales in six months<\/p>\n<p>\u201cGold\u00a0has been steadily declining since the middle of July and that bearish trend looks like it isn\u2019t quite over as king dollar returns,\u201d said Edward Moya, senior market analyst at OANDA, in emailed commentary. <\/p>\n<p>Gold has suffered over the past month as the greenback has climbed while global bond yields have risen. The yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       rose to its highest intraday level since November on Tuesday, up 4 basis points to 4.229%. The ICE U.S. Dollar Index<br \/>\n        DXY<span>,<\/span><br \/>\n       fell by 0.1% to 103.13. <\/p>\n<p>\u201cThe DXY has risen to the 200-day moving average, a long-term trend indicator,\u201d said Alex Kuptsikevich, the\u00a0FxPro\u2019s senior market analyst. \u201cFurther growth with consolidation above 103.2 will show that the downtrend has been broken and that the growth impulse to the 105.3-107.5 range will begin in the coming months.\u201d<\/p>\n<p>However, Kuptsikevich said betting on further\u00a0dollar\u00a0strength seems \u201cpremature\u201d before an upward reversal is confirmed as the \u201cnext few days\u201d will determine whether the\u00a0dollar\u00a0will decide to break its almost year-long downtrend or remain within its framework, he said in emailed commentary on Tuesday.<\/p>\n<p>That\u2019s why Wednesday\u2019s release of the minutes of the last Federal Reserve policy meeting could provide an important clue as to the direction of travel, and it is more likely that the\u00a0greenback\u2019s path will be determined at the end of next week during the Fed\u2019s Jackson Hole symposium, Kuptsikevich said.<\/p>\n<p>A stronger dollar makes gold more expensive for buyers using other currencies since the yellow metal is typically priced in dollars. Rising bond yields make bonds a more compelling investment relative to precious metals by boosting returns for investors, while gold offers no yield. <\/p>\n<p>Earlier, China\u2019s central bank delivered surprise policy easing by cutting a set of policy interest rates after more weak economic data on retail sales and industrial production in the world\u2019s second biggest economy in July.   <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-slide-further-as-rising-bond-yields-heap-pressure-on-metals-5f020b18?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices slid further on Tuesday, settling at their lowest levels in more than a month, as the Treasury yields and the U.S. dollar climbed following the release of official data showing a surge of sales by American retailers in July. Price action Gold futures for December delivery GC00, +0.37% GCZ23, +0.37% were off by<\/p>\n","protected":false},"author":1,"featured_media":10431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-12689","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices continue to struggle after sliding to 1-month lows as rising bond yields heap pressure on metals | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Gold prices slid further on Tuesday, settling at their lowest levels in more than a month, as the Treasury yields and the U.S. dollar climbed following\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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