Gold decreased for 8 consecutive sessions
Updated
In the midst of a highly volatile market, concerns about the future of gold are deepening as its price continues to decline for 8 consecutive days against the US dollar, even as the value of the dollar and yields on Treasury bonds are gradually decreasing.
On the New York Comex exchange, the December gold futures contract fell by $6.70, equivalent to a 0.4% decrease, bringing the price down to $1,834.80 per ounce. This marks the steepest weekly decline, causing standard gold prices to lose 3.1% in the previous week, the most significant weekly decline since late January. Within this week, the December gold price dropped an additional 2.6% compared to the previous week.
Spot gold prices remained stable at $1,821.20, dropping by $1.78, a 0.1% decrease for the day. This is the most substantial weekly drop since June 2021 when it decreased by almost 6%. During this week, gold prices continued to decline by another 1.5%.
The correlation between rising yields and the value of the US dollar, gold’s arch-nemesis, has significantly overshadowed gold's shine this year. The futures market on Comex is no longer the positive destination it used to be for 2023, and the spot gold market is also drowning in red.
By the end of Wednesday, the Dollar Index was at 106.77, after reaching its 11-month high of 107.35 on Tuesday. Concurrently, yields on the 10-year Treasury bonds, representing US bond yields, dropped to 4.735. This decrease pushed yields to their lowest in 16 years, down from the peak of 1,849.06.
We need to wait and see whether this decline in gold continues in the upcoming period, given the ongoing fluctuations in the dollar and yields. 🔥🔥🔥🔥
On the New York Comex exchange, the December gold futures contract fell by $6.70, equivalent to a 0.4% decrease, bringing the price down to $1,834.80 per ounce. This marks the steepest weekly decline, causing standard gold prices to lose 3.1% in the previous week, the most significant weekly decline since late January. Within this week, the December gold price dropped an additional 2.6% compared to the previous week.
Spot gold prices remained stable at $1,821.20, dropping by $1.78, a 0.1% decrease for the day. This is the most substantial weekly drop since June 2021 when it decreased by almost 6%. During this week, gold prices continued to decline by another 1.5%.
The correlation between rising yields and the value of the US dollar, gold’s arch-nemesis, has significantly overshadowed gold's shine this year. The futures market on Comex is no longer the positive destination it used to be for 2023, and the spot gold market is also drowning in red.
By the end of Wednesday, the Dollar Index was at 106.77, after reaching its 11-month high of 107.35 on Tuesday. Concurrently, yields on the 10-year Treasury bonds, representing US bond yields, dropped to 4.735. This decrease pushed yields to their lowest in 16 years, down from the peak of 1,849.06.
We need to wait and see whether this decline in gold continues in the upcoming period, given the ongoing fluctuations in the dollar and yields. 🔥🔥🔥🔥
Note
The market is showing signs of improvement !!🔥🔥🔥🔥🔥🔥
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