Gold prices fell to near a 7-month low on Tuesday as the U.S. dollar strengthened and yields surged, raising the possibility of higher interest rates in the United States.
At the end of Tuesday's trading session, spot gold prices dropped 0.3% to $1,822.42 per ounce, the lowest level since March of this year. U.S. gold futures also fell 0.4% to $1,840 per ounce.
A surprising increase in job opportunities in the United States in September indicated tightening labor market conditions, which could prompt the U.S. Federal Reserve to raise interest rates next month.
Gold is typically seen as a safe haven asset in the face of rising inflation and economic instability. However, higher yields increase the opportunity cost of holding precious metals, especially when the U.S. dollar is strong and doesn't offer yields.
Gold prices initially rose at the beginning of the session as the U.S. dollar weakened against the Japanese yen, reaching its highest level since October 2022, signaling a potential intervention by the Bank of Japan.
The current focus in the market is on the release of the U.S. nonfarm payroll report for September, scheduled for Friday.
At the end of Tuesday's trading session, spot gold prices dropped 0.3% to $1,822.42 per ounce, the lowest level since March of this year. U.S. gold futures also fell 0.4% to $1,840 per ounce.
A surprising increase in job opportunities in the United States in September indicated tightening labor market conditions, which could prompt the U.S. Federal Reserve to raise interest rates next month.
Gold is typically seen as a safe haven asset in the face of rising inflation and economic instability. However, higher yields increase the opportunity cost of holding precious metals, especially when the U.S. dollar is strong and doesn't offer yields.
Gold prices initially rose at the beginning of the session as the U.S. dollar weakened against the Japanese yen, reaching its highest level since October 2022, signaling a potential intervention by the Bank of Japan.
The current focus in the market is on the release of the U.S. nonfarm payroll report for September, scheduled for Friday.
코멘트:
The market will be a bit slower today due to investor hesitation
코멘트:
which school I predicted correctly
코멘트:
The market is moving in the right direction that I have drawn and oriented
