In the early hours of September 8, the global gold price on the Kitco exchange was trading at $1,918.20 an ounce, up $1.8 from the previous trading hour. December gold futures traded 0.16% lower at $1,941.10 an ounce on the day.
Gold prices rose after yields on 10-year U.S. Treasuries fell slightly as investors waited for more U.S. economic data to gauge interest rate outlook.
“Markets are clearly seeing a bearish to bullish turn in recent U.S. economic data, which suggests that the Federal Reserve rate hike is still over,” said Ole Hansen, head of commodity strategy at Saxo Bank. We are strengthening the expectation that it may not be." . “Also, the US dollar hit a six-month high, so gold remains heavily data-dependent. The first unemployment claims will be released later in the day, but the data will not be available until next week’s consumer price index. It will be (CPI) data," he added.
The dollar surged to its highest level since March after better-than-expected U.S. services data. On the other hand, according to Reuters, the 10-year government bond yield fell from a two-week high on the previous day (September 6). On Sept. 6, Boston Fed President Susan Collins urged the central bank to be cautious about its next monetary policy move, but acknowledged signs of progress in containing inflation.
Gold prices rose after yields on 10-year U.S. Treasuries fell slightly as investors waited for more U.S. economic data to gauge interest rate outlook.
“Markets are clearly seeing a bearish to bullish turn in recent U.S. economic data, which suggests that the Federal Reserve rate hike is still over,” said Ole Hansen, head of commodity strategy at Saxo Bank. We are strengthening the expectation that it may not be." . “Also, the US dollar hit a six-month high, so gold remains heavily data-dependent. The first unemployment claims will be released later in the day, but the data will not be available until next week’s consumer price index. It will be (CPI) data," he added.
The dollar surged to its highest level since March after better-than-expected U.S. services data. On the other hand, according to Reuters, the 10-year government bond yield fell from a two-week high on the previous day (September 6). On Sept. 6, Boston Fed President Susan Collins urged the central bank to be cautious about its next monetary policy move, but acknowledged signs of progress in containing inflation.
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🟢TP: 1923
🟢TP: 1920
🔴SL: 1932