{"id":125823,"date":"2024-06-28T08:09:29","date_gmt":"2024-06-28T08:09:29","guid":{"rendered":"https:\/\/kinesis.money\/?p=125823"},"modified":"2024-06-28T08:09:32","modified_gmt":"2024-06-28T08:09:32","slug":"gold-gains-as-dollar-treasury-yields-weaken","status":"publish","type":"post","link":"https:\/\/kinesis.money\/tr\/market-analysis\/gold-news\/gold-gains-as-dollar-treasury-yields-weaken\/","title":{"rendered":"Gold Price News: Gold Gains As US Dollar, Treasury Yields Weaken"},"content":{"rendered":"\n

Gold put in a relatively strong performance on Thursday, gaining around $30 an ounce after the US dollar and treasury yields fell.<\/p>\n\n\n\n

Prices started the day at around $2,300 an ounce and quickly strengthened through the morning session. The gains continued through the afternoon, taking gold briefly above $2,330 an ounce \u2013 more than recouping Wednesday\u2019s losses.<\/p>\n\n\n\n

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KAU\/USD daily – Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

The US dollar fell against other major currencies on Thursday, giving up the previous day\u2019s gains. A weaker dollar tends to support dollar-denominated gold prices as it makes the yellow metal cheaper for buyers in other currencies, boosting demand.<\/p>\n\n\n\n

Yields on US 10-year treasuries also fell on Thursday, contributing to a bullish backdrop for gold.<\/p>\n\n\n\n

However, technical elements may have come into play on Thursday, as gold prices notably bounced off the $2,300 an ounce level \u2013 a significant price on the charts, as this area previously attracted buy-side support after previous falls in early May and again in the second week of June.<\/p>\n\n\n\n

A further potentially supportive element came from data from the World Gold Council this week showing that open interest in gold futures contracts on exchanges increased slightly in the week ending June 21, having fallen for the previous four consecutive weeks.<\/p>\n\n\n\n

Open interest on Comex increased to $105.1 billion from $103.1 billion the previous week, while open interest on the Shanghai Futures Exchange increased to $31.1 billion from $29 billion the previous week, the figures showed: Gold Open Interest Chart 2021 | World Gold Council<\/a><\/p>\n\n\n\n

US durable goods orders and GDP figures for Q1 released Thursday showed little change compared with market expectations, providing little direction for gold.<\/p>\n\n\n\n

Looking ahead, eyes will be on Friday\u2019s US Core PCE Price Index for May, as the markets look for signals on upcoming interest rate changes by the US Fed.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
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Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold put in a relatively strong performance on Thursday, gaining around $30 an ounce after the US dollar and treasury yields fell.<\/p>\n","protected":false},"author":50,"featured_media":125865,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215],"tags":[],"class_list":["post-125823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Gains As US Dollar, Treasury Yields Weaken | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Friday 28th of June 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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