Gold Futures Settle Lower For 4th Straight Day As Dollar, Treasury Yields Rise

0
10

Gold futures settled lower on Wednesday, extending losses to a fourth straight session, as the dollar’s surge against its peers and rising global bond yields reduced the commodity’s safe-haven appeal.

The dollar index rose to 91.06 by mid morning, and was holding firm at 90.95 a little while ago, gaining about 0.5% from previous close.

The U.S. 10-year Treasury bond yields rose to more than 1.3%, hitting their highest level in about a year, driven by increasing inflationary concerns in the wake of vaccine rollouts and prospects of more stimulus.

Gold futures for April ended down $26.20 points or 1.5% at $1,772.80 an ounce.

Silver futures for March closed lower by $0.010 at $27.315 an ounce, while Copper futures for March settled at $3.8205 per pound, down $0.0135 from previous close.

Data released by the Commerce Department showed retail sales in the U.S. rebounded by much more than anticipated in the month of January, spiking by 5.3%, after sliding by a revised 1% in December.

Economists had expected retail sales to jump by 1.1% compared to the 0.7% decrease originally reported for the previous month.

A report from the Labor Department showed U.S. producer prices jumped by 1.3% in January after rising by 0.3% in December. Economists had expected producer prices to increase by 0.4%.

According to a report released by the Federal Reserve, industrial production in the U.S. climbed by 0.9% in January after jumping by a downwardly revised 0.9% a month earlier. Economists had expected industrial production to rise by 0.5% in January.

The material has been provided by InstaForex Company – www.instaforex.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here