⚡️Spot gold briefly lost its hold on $1,900 territory Tuesday before recapturing it as the resurgent dollar and Treasury yields brought their full weight to bear on bullion.
⚡️Gold prices have seen renewed weakness this month under the combined pressure of Treasury yields, benchmarked against the US 10-year bond, and the dollar.
⚡️Bond yields spiked to a new 16-year high on Tuesday, hitting a level not seen since July 2007.
⚡️The Dollar Index hits its highest not seen since November 2022. A stronger dollar typically deters holders of other currencies from buying dollars
⚡️The two alternatives to gold have surged since the Federal Reserve last week expected to raise interest rates by a quarter of a percentage point by the end of the year, despite leaving September rates unchanged at policy meeting on Wednesday.
⚡️Fed Chairman Powell said in a news conference last week that energy-driven inflation is one of the central bank's bigger concerns.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.