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Gold weakened for a third straight day on Wednesday, sending it to its lowest level in roughly two weeks, as the strong U.S. dollar and rising Treasury yields continued to weigh.
Price action
-
Gold futures
GCZ22,
-0.44%
expiring in December were off by $9, or 0.5%, to $1,765 per ounce on Comex. -
Silver futures
SIU22,
-2.07%
expiring in September retreated 33 cents, or 1.6%, to $19.755. -
Palladium futures
PAU22,
-0.26%
expiring in September were down by $20.50, or 0.9%, to $2,130.50, while platinum
PLV22,
-0.87%
futures expiring in October were down $8.50, or 0.9%, to $923 per ounce. -
Copper futures
HGU22,
-1.41%
expiring in September were off by two cents, or 0.5%, to $3.60 per pound.
What analysts are saying
Jim Wyckoff, a senior analyst at Kitco, attributed the pullback in gold and silver this week to two primary factors: weak economic data out of China, and a rebound in the U.S. dollar and Treasury yields.
“Gold and silver prices are lower again in early U.S. trading Wednesday, amid worries about demand for precious metals following this week’s downbeat economic data coming out of China and still-heightened worries about a U.S. and/or global recession,” Wyckoff said.
The ICE U.S. Dollar Index
DXY,
a gauge of the dollar’s strength against a basket of rival currencies, was up 0.3%, while the 10-year Treasury yield
TY00,
was up 6.4 basis points to 2.887%.
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