Followers | 680 |
Posts | 141062 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Monday, May 16, 2022 9:03:36 AM
By: Swati Verma | May 16, 2022
(Reuters) - Gold prices fell more than 1% to their lowest in 3-1/2 months on Monday as elevated bond yields and a firmer U.S. dollar dampened bullion demand, even as riskier assets dropped after grim China economic data.
A stronger dollar makes gold expensive for overseas buyers, while higher Treasury yields raise the opportunity cost of holding zero-yield bullion.
Spot gold was down 0.4% to $1,804.01 per ounce as of 1124 GMT, after hitting its lowest since Jan. 31 at $1,786.60 earlier in the session. U.S. gold futures fell 0.3% to $1,802.20.
"Spot gold may not stray far from $1,800, suppressed by the might of King Dollar and elevated Treasury yields, while supported by the looming prospects of a recession," said Han Tan, chief market analyst at Exinity.
Gold prices are down over 13% since scaling a near-record peak of $2,069.89 an ounce in March as the U.S. dollar and Treasury yields were bolstered by aggressive rate hike bets. [USD/] [US/]
"Having now fallen through the psychologically important threshold of $1,800 an ounce and with the hawkish monetary policy more likely to strengthen than weaken, it is hard to see where gold can now find a short-term foothold," Rupert Rowling, market analyst at Kinesis Money, said in a note.
The U.S. dollar consolidated gains near a two-decade peak while equities, oil prices and riskier currencies took a hit after an unexpectedly weak economic data from China highlighted fears about a slowdown in growth. [MKTS/GLOB]
Silver has found itself caught up in the broader sell-off in equities and gold, being punished for being an industrial metal at a time when growth forecasts are being trimmed and for its lack of yield at a time of rising interest rates, Rowling added.
Spot silver gained 0.3% to $21.14 per ounce, after slumping to its lowest since July 2020 in the last session.
Platinum eased 0.2% to $936.21 and palladium fell 0.8% to $1,928.54.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent GLD News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/08/2024 03:33:22 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 01/19/2024 05:18:16 PM
- Crypto: RNDR, LINK, CHZ Emerge as Wednesday’s Top Performers, Ethereum Pilots Dencun Update, and More • IH Market News • 01/17/2024 04:51:44 PM
- Form 424I - • Edgar (US Regulatory) • 12/27/2023 04:04:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 12/22/2023 09:02:08 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 11/22/2023 07:49:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 09/14/2023 02:12:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/12/2023 08:02:07 PM
- Gold Stabilizes Near One-Month Highs as U.S. Interest Rate Hike Expectations • IH Market News • 08/31/2023 12:43:38 PM
- Gold Closes Higher, With Strong Retreat In Treasury Interest Rates And Dollar Low • IH Market News • 08/29/2023 06:20:49 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2023 06:55:27 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM