![]() If the $1,900 was taken out, OANDA senior market analyst Edward Moya told Kitco News that there would be significant technical selling.īut one of the reasons gold held up was because markets are yet to price in two rate hikes by the Fed, Moya pointed out. "While an environment in which interest rates are likely to continue rising is unhelpful for this non-yield bearing asset, investors are still not convinced of the bull case for equities, especially with some countries potentially already in recession," said Kinesis Money market analyst Rupert Rowling. dollar higher.īut the fact that prices have not fallen below $1,900 an ounce shows resilience in the gold market, with increasing sentiment that the equity rally won't last. bond yields are trending higher, and how this offers the USD tailwinds," said Pepperstone's head of research Chris Weston.įederal Reserve Chair Jerome Powell's message of at least two more rate hikes this year filtered through the market, weighing gold down and pushing the U.S. bond market – still, for now, I question if growth equity (such as the NAS100) continues to march higher if U.S. "I'm surprised by the resilience in gold given the moves in the U.S. Gold's downtrend has been slow and steady and not sudden and steep. At the time of writing, August Comex gold futures were trading at $1,925.80 an ounce, up 0.41% on the day.īut there have been some positive signs. Gold is wrapping up the second quarter down more than $80, the worst performance since the third quarter of last year. Sign up here!Īfter testing $1,900 an ounce, gold has come out on top, saving itself from a more significant selloff if prices dropped below this psychologically important level. ![]() Receive a comprehensive recap of the day's top stories directly to your inbox. ![]() Get all the essential market news and expert opinions in one place with our daily newsletter. ![]()
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