{"id":125347,"date":"2024-06-24T08:24:44","date_gmt":"2024-06-24T08:24:44","guid":{"rendered":"https:\/\/kinesis.money\/?p=125347"},"modified":"2024-06-24T08:24:44","modified_gmt":"2024-06-24T08:24:44","slug":"gold-falls-us-economic-strength","status":"publish","type":"post","link":"https:\/\/kinesis.money\/zh-hans\/market-analysis\/gold-news\/gold-falls-us-economic-strength\/","title":{"rendered":"Gold Price News: Gold Falls As US Data Points to Economic Strength"},"content":{"rendered":"\n

Gold prices slumped on Friday, as US economic data suggested policymakers may need to keep interest rates at current levels for a longer period.<\/p>\n\n\n\n

Prices fell as low as $2,319 an ounce<\/a> on Friday, compared with around $2,360 an ounce in late trades on Thursday.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange <\/figcaption><\/figure>\n\n\n\n

The sharp drop, which erased the previous day\u2019s gains, came after US manufacturing PMI figures were released on Friday showing that activity in the sector had increased to a three-month high in June. In addition, US services PMI data for June showed the strongest expansion since April 2022.<\/p>\n\n\n\n

The latest indicators point to a stronger-than-expected US economy, indicating greater leeway for the US Fed to keep interest rates at current high levels before starting a much-anticipated rate-cutting cycle. Higher interest rates tend to weigh on gold as they increase the opportunity cost of holding non-interest-bearing investments.<\/p>\n\n\n\n

The US dollar also strengthened against other major currencies on Friday, contributing to gold\u2019s downward move. A stronger dollar makes dollar-denominated assets like gold more expensive for buyers in other currencies, denting demand.<\/p>\n\n\n\n

Elsewhere, French bank Societe Generale issued a report earlier in the week noting that gold prices are being driven less by the usual macro drivers and more by secular trends negatively affecting fiat currencies: Attained but not sustained? | SG Markets Insight<\/a><\/p>\n\n\n\n

These trends include the use of the dollar as a tool of sanctions enforcement, which has highlighted the vulnerability of sovereign fiat currencies as a reserve asset; global inflation which has positively distinguished gold as a safe haven; and long-term forecasts of a rising US debt-to-GDP ratio, which elevates the longer-term risks to the US fiscal and economic outlook, the bank said.<\/p>\n\n\n\n

In contrast, Royal Bank of Canada issued a report last week saying it believes gold is currently overvalued. RBC thinks central bank demand will continue to be strong, but there are reasons to be cautious on the volume at record prices after such a sustained period of strength, it said.<\/p>\n\n\n\n

Looking ahead, Monday will see the UK CBI Industrial Trends Orders for June, for an update on the UK economy, while speeches by US Fed officials on Monday and Tuesday may provide further insight on the outlook for interest rates.<\/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>
\n<\/i><\/p>\n

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 prices slumped on Friday, as US economic data suggested policymakers may need to keep interest rates at current levels for a longer period.<\/p>\n","protected":false},"author":50,"featured_media":125400,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-125347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Falls As US Data Points to Economic Strength | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Monday 24th 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=\"zh_CN\" \/>\n<meta property=\"og:type\" 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