Gold News Hubb
Advertisement Banner
  • Home
  • News
  • Gold Mining
  • Contact
No Result
View All Result
  • Home
  • News
  • Gold Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Gold hits near one-month high as yields, U.S. dollar retreat

admin by admin
August 4, 2022
in News


Gold climbed to nearly a one-month high on Thursday buoyed by a pullback in the U.S. dollar and Treasury yields, as investors awaited Friday’s July employment report report which may influence the Federal Reserve’s path of interest rate hikes.

Price Action
  • Gold for December delivery
    GCZ22,
    +0.92%

    jumped $25.50, or 1.4%, to $1,801.90 per ounce. 

  • Silver for September delivery
    SIU22,
    +0.51%

    rose 39 cents, or 1.9%, to $20.27 per ounce. 

  • Palladium
    PAU22,
    +3.12%

    for September delivery was up $60.10, or 3.0%, to $2,068 per ounce, while platinum
    PLV22,
    +2.12%

    for October delivery was up $20.70, or 2.5%, to $910.70 per ounce. 

  • Copper
    HGU22,
    -1.23%

    for September delivery was off two cents, or 0.4%, to $3.45 per pound.

Market Drivers

Gold futures traded higher on Thursday after the yellow metal broke a five-day winning streak on Wednesday, as Treasury yields moved lower after data from the U.S. service sector surprised markets with momentum and helped clear away some recession fears. 

An ISM barometer of business conditions at service-oriented companies such as restaurants, retailers and hotels in July rose to a three-month high of 56.7%, suggesting the economy continues to expand despite growing headwinds. 

Meanwhile, U.S. factory orders rose 2% in June, the government said Wednesday, in a report that offered some good news about the economy. Economists polled by MarketWatch had forecast a 1.2% gain. 

On Thursday the Bank of England hiked interest rates by 50-basis-point on Thursday as it predicted U.K. inflation may hit double digits by the end of 2022, despite warning that a long recession is on its way. British consumer price inflation hit a 40-year high of 9.4% in June. 

The hike in the U.K. benchmark interest rate was the biggest increase since 1995, and took it to 1.75%, the highest level since the financial crisis in 2008.

The yield on the 2-year Treasury note
TMUBMUSD02Y,
3.098%

fell to 3.078% on Thursday, while the10-year Treasury note yield
TMUBMUSD10Y,
2.706%

was at 2.718%. 

Hear from Ray Dalio at the Best New Ideas in Money Festival on Sept. 21/22 in New York. The hedge-fund pioneer has strong views on where the economy is headed.



Source link

Tags: article_normalbasic materialsBasic Materials/Resourcesbond marketsBX:TMUBMUSD10YC&E Exclusion FiltercommodityCommodity MarketsCommodity/Financial Market NewsContent TypesCopper Continuous ContractCopper Sep 2022debtDebt/Bond MarketsEconomic NewsFactiva Filtersfinancial market newsGC00GCZ22Gold Continuous ContractGold Dec 2022Headline-Only ContentHG00HGU22metalsMetals/MiningminingPalladium Sep 2022PAU22Platinum Oct 2022PLV22resourcesSI00Silver Continuous ContractSilver Sep 2022SIU22U.S. 10 Year Treasury Note
Previous Post

This could be the start of a dollar ‘doom loop’ like no other

Next Post

Argentina Vows End of Money Printing to Battle 60% Inflation

Next Post

Argentina Vows End of Money Printing to Battle 60% Inflation

Recommended

Fed moved too slowly in 2021 in tackling high inflation, 2023 rate cuts very unlikely

2 weeks ago

Dr. Doom’ Nouriel Roubini warns the era of stagflation is here and central banks are setting a trap in trying to normalize policy

3 days ago

© 2022 Gold News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy.

Navigate Site

  • Home
  • News
  • Gold Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Gold Mining
  • Contact

© 2022 Gold News Hubb All rights reserved.