The yellow metal is trading lower with the opening of the European markets for the opening session of the week today, Monday, the 18th of October, as gold loses about 0.22%, or about 6 dollars, and is trading at levels of 1761 dollars per ounce, after declines of more than 1.5% in the closing session of the week (Friday) after announcing sales American retail.
After the yellow metal tested the levels of 1,800 dollars per ounce in the middle of last week, the decline came at the end of the week, coinciding with the rise of the US dollar and the yield on US bonds, after economic data that supported the US Federal Reserve’s shift to a tightening policy in the coming period and the start of reducing the $120 billion bond purchase program starting in November.
. Despite the yellow metal’s declines in the closing session of the week, gold managed to record weekly gains of about 0.45% at closing at 1767 dollars per ounce.
The yield on US treasury bonds is trading at an increase this morning, as the yield on the ten-year bonds rises by about 1.87% and trades at 1.605 to put pressure on the yellow metal.
The rise in the yield on US Treasury bonds, which directly causes the rise of the US dollar, negatively affects the yellow metal, but the rise in inflationary fears and pressures may support the rise of the yellow metal, given that gold is one of the most important hedges against inflation.
The data of the National Bureau of Statistics of China released this morning, Monday, showed that China’s gross domestic product grew by 4.9% in the third quarter ending in September, compared to 7.9% in the second quarter, and less than expectations of 5%, as the Chinese economy was affected by the energy shortage crisis. In China, real estate growth slowed in the third quarter.
On the other hand, a report issued by the world’s largest gold-backed exchange traded fund SPDR GOLD showed that its gold holdings fell by about 0.3% to reach 980.1 tons from 982.72 tons at the end of last week.
Silver, in turn, is trading at levels of $23.26 per ounce, close to the opening price, after testing levels of $26.13 moments ago.
Platinum is trading down by about 0.66% at levels of $1.047, while palladium is down by about 0.50% when trading at levels of $2.062.
Aluminum continues to record gains and is trading at a new record level of $3.192 per ton, up by 0.63%.
06/11/2024
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