Gold prices continued to incur losses for the third consecutive session, as gold prices recorded a significant decrease in trading today, Thursday; In conjunction with the rise in the US dollar index, in addition to the rise in US Treasury bond yields, in light of the markets’ anticipation of the release of unemployment benefits data for the US for this week, which is scheduled to be issued today, which may have a clear impact on the trading of both the US dollar and the gold metal.
During today’s trading, spot gold contracts decreased by 0.21%, to settle at $1,977.59 an ounce, in addition to a decline in gold futures contracts by 0.34%, recording about $1,996.90 an ounce.
And gold prices recorded a clear decline during today’s trading, due to the rise in the US dollar index, which measures the performance of the US currency against a basket of six other major foreign currencies, similar to the existence of an inverse relationship between the two parties, as it is known that the rise of the US dollar negatively affects commodity prices. In this context, the US dollar index increased by 0.22% and settled near the level of 102.955 points, which negatively affected the performance of gold.
Also, the rise in US bond yields had a clear reason for the decline in gold prices during today’s trading, and at the same time, the US bond yields for 10 years increased by 0.28% and reached 3.592 points, in addition to the rise in yields of US bonds for 20 years by 0.15% and recording about 3.9880 points, which reinforced pressure on gold prices and pushed it to continue the bearish momentum.
In addition, the markets are still awaiting the release of the US unemployment claims data for this week, which is scheduled to be released later today, which may have an impact on the upcoming US Federal Reserve decisions regarding interest rates, and then this will be reflected in the movements of the US dollar and gold prices.
Looking at the prices of other precious metals other than gold, we find that spot silver contracts fell by 1.10%, and recorded about $23.49, and at the same time; Palladium prices fell by 1.07% and settled at $1,471.69, in addition to platinum prices declining by 0.65%, reaching $1,066.97.
