World gold prices continued to decline slightly with spot gold down 5.3 USD to 1,823.1 USD/ounce. Gold futures last traded at $1,839.50 an ounce, down $5.10 from the bright spot.
A strong USD and US Treasury bond yields rising to their highest level in 16 years brought gold futures prices to their lowest level in 10 months in this morning's trading session (Vietnam time). Bear speculators are currently seizing opportunities on the scenario that the US Federal Reserve (Fed) presented at its recent monetary policy meeting. Fed officials must keep interest rates high “for some time” to deliver the 2% target again, Fed officials said. In the market, there are still mixed views on interest rates in the near future. According to the CME FedWatch tool, markets expect a 45% chance of another 25 basis point interest rate hike this year, but also a 42% chance the Fed will have a monetary policy move in the first half. 2024.
It can be seen that rising bond yields and the strength of the USD continue to weigh on commodity prices in general. However, despite the lackluster price action, Robert Minter, director of portfolio investment strategies at abrdn, said that, in the new global economic trend, investors should keep gold on their list of targets. their investment.
A strong USD and US Treasury bond yields rising to their highest level in 16 years brought gold futures prices to their lowest level in 10 months in this morning's trading session (Vietnam time). Bear speculators are currently seizing opportunities on the scenario that the US Federal Reserve (Fed) presented at its recent monetary policy meeting. Fed officials must keep interest rates high “for some time” to deliver the 2% target again, Fed officials said. In the market, there are still mixed views on interest rates in the near future. According to the CME FedWatch tool, markets expect a 45% chance of another 25 basis point interest rate hike this year, but also a 42% chance the Fed will have a monetary policy move in the first half. 2024.
It can be seen that rising bond yields and the strength of the USD continue to weigh on commodity prices in general. However, despite the lackluster price action, Robert Minter, director of portfolio investment strategies at abrdn, said that, in the new global economic trend, investors should keep gold on their list of targets. their investment.
