After losses exceeded 2.1%, or $35, in the largest daily loss in three weeks yesterday, Tuesday, the yellow metal continues to record declines for the third consecutive session, with the opening of the American markets for today’s session, Wednesday, July 6, by trading at levels of $ 1760 an ounce, recording the lowest level in 2022.

The yellow metal ignores its status as one of the most important assets of safe havens in the markets with the rise in fears of global economic recession and is directly affected by the strong rises of the US dollar that exceeded 2% and its trading at its highest levels in twenty years, the highest levels of 107 due to the inverse relationship between the dollar and the commodities denominated in it.

The US bond yields were clear in their indication of the expected economic recession in the United States of America, where the US two-year treasury bond yields rise again today, the highest 10-year bond yields, and the US dollar rises, being one of the most important safe-haven currencies in the markets, also benefiting from the high market expectations regarding the continuation of The US Federal Reserve tightened monetary policy and raised interest rates sharply at its July meeting.

In terms of economic data, the PMI Services Index issued by the American ISM, issued just moments ago, showed a growth in service activity by 55.3 points in June from 55.9, exceeding expectations that it would record a growth of 53.9.

The markets are awaiting during today’s session, Wednesday, the minutes of the US Federal Reserve for its last meeting two weeks ago, in which the Fed raised interest rates by 75 basis points, as the markets await the latest economic updates on inflation expectations from the members of the bank and their expectations for the future of interest rates, especially in the current July meeting.

Silver is trading at levels of $19.28 an ounce, an increase of about 0.46%, but it is trading at its lowest level in two years.

Platinum is trading down by about 0.15% at levels of $864, while palladium is up by about 1.25% when it is trading at levels of $1.957.