{"id":9864,"date":"2023-09-10T23:13:22","date_gmt":"2023-09-10T23:13:22","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/gold-prices-down-a-third-straight-session-as-investors-await-further-cues-on-interest-rates\/"},"modified":"2023-09-10T23:13:23","modified_gmt":"2023-09-10T23:13:23","slug":"gold-prices-down-a-third-straight-session-as-investors-await-further-cues-on-interest-rates","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=9864","title":{"rendered":"Gold prices down a third straight session as investors await further cues on interest rates"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002477810\" role=\"document\">\n<p>Gold futures settled lower on Thursday for a third session in a row as investors looked to recent economic data and a busy calendar of speeches by Federal Reserve officials for cues on the path for U.S. interest rates.  <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for December delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.07%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"negative\">-0.07%<\/bg-quote><br \/>\n       fell $1.70, or about 0.1%, to settle at $1,942.50 an ounce on Comex. Prices for the most-active contract settled at the lowest since Aug. 25, FactSet data show.<\/p>\n<\/li>\n<li>\n      December silver<br \/>\n        SIZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210319449\/delayed\" class=\"positive\">+0.09%<\/bg-quote><br \/>\n       declined 26 cents, or 1.1%, to $23.24 an ounce.<\/p>\n<\/li>\n<li>\n      December copper<br \/>\n        HGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210059556\/delayed\" class=\"positive\">+0.08%<\/bg-quote><br \/>\n       fell by 0.6% to $3.76 a pound.<\/p>\n<\/li>\n<li>\n      Platinum for October delivery<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.06%<\/bg-quote><br \/>\n       settled at $909.60 an ounce, down 0.6%, while December palladium<br \/>\n        PAZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/239302145\/delayed\" class=\"positive\">+0.27%<\/bg-quote><br \/>\n       added 0.4% to $1,215 an ounce.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cGold prices remained under pressure and could continue to see a decline as traders take U.S. economic data into account, as well as the changing expectations around U.S. monetary policy,\u201d said Bas Kooijman, chief executive officer at DHF Capital, in emailed commentary.\u00a0<\/p>\n<div class=\"paywall\">\n<p>Gold futures settled Thursday at their lowest since Aug. 25. Prices had also fallen Wednesday after strong U.S. economic data reinforced expectations that the Federal Reserve will keep interest rates elevated for some time and helped lift Treasury yields and the U.S. dollar.<\/p>\n<p>\u201cBoth higher U.S. dollar and interest rates are bearish for gold since it makes the bullion more expensive for foreign investors while eroding its appeal as a non-interest-generating asset,\u201d strategists at Soci\u00e9t\u00e9 G\u00e9n\u00e9rale wrote in a Thursday note.<\/p>\n<p>Treasury yields<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       ticked lower in Thursday dealings, while the dollar<br \/>\n        DXY<br \/>\n       remained firm against major currencies.<\/p>\n<p>Data on Thursday showed some strength in the U.S. economy, with initial jobless-benefit claims down 13,000 to 216,000 in the week ending Sept. 2. That\u2019s the lowest level since February. <\/p>\n<p>Still, the Federal Reserve\u2019s latest survey of economic conditions, known as the Beige Book, released Wednesday afternoon revealed that the U.S. economy grew at a modest pace in July and August.<\/p>\n<p>The next big event for gold and the dollar is the U.S. CPI data next week, which \u201ccould influence the Fed\u2019s decision whether to hike [rates] further or not,\u201d said Fawad Razaqzada, market analyst at City Index and FOREX.com. <\/p>\n<p>Thanks to the resilience of U.S. economy, the market is expecting interest rates to remain at current levels longer than previously expected, he said. \u201cThis is what has helped to keep the dollar underpinned and gold undermined.\u201d<\/p>\n<p>Several regional Federal Reserve policy makers were slated to deliver remarks Thursday. Those will be parsed by traders for potential indications of the central bank\u2019s plan for interest rates. <\/p>\n<p>For now, the $1,900 level for gold is \u201cstill holding strong,\u201d Stephen Innes, managing partner at SPI Asset Management, told MarketWatch in a recent email interview. That\u2019s \u201clikely due to gold\u2019s role as an inflation hedge, especially considering the significant increase in oil prices since the beginning of the year.\u201d<\/p>\n<p>Market sentiment also suggests that the Fed\u2019s policy rate has already peaked, so these factors combined \u201ccontinue to support the demand for gold as a reliable safeguard against rising inflation,\u201d he said.<\/p>\n<p><strong>Read:<\/strong> Investor allocation to gold is at its highest level in 11 years, JPMorgan strategist says<\/p>\n<p>Still, \u201cthis may not constitute a wholesale revision in how speculators view gold as a negative beta to [the dollar],\u201d said Innes. \u201cSo, with U.S. yields and the dollar up, speculators will still sell gold on rallies.\u201d<\/p>\n<p><strong>Also see:<\/strong> Why platinum is forecast to see its largest-ever annual supply deficit<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-steadies-ahead-of-u-s-data-c333abbe?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures settled lower on Thursday for a third session in a row as investors looked to recent economic data and a busy calendar of speeches by Federal Reserve officials for cues on the path for U.S. interest rates. Price action Gold for December delivery GC00, -0.07% GCZ23, -0.07% fell $1.70, or about 0.1%, to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-9864","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices down a third straight session as investors await further cues on interest rates | Prosfunds<\/title>\n<meta name=\"description\" content=\"Gold futures settled lower on Thursday for a third session in a row as investors looked to recent economic data and a busy calendar of speeches by Federal\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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