Gold prices fall but in the process of recording a third straight weekly gain
Last Updated on July 12, 2021
Gold Prices Outlook – 12th July 2021
Gold prices fell during today’s session in the Australian trading market, in volatile transactions, to witness their first daily losses within the last four sessions. Despite this decline, prices are currently heading towards recording a net weekly gain, the third in a row, thanks to the sharp decline in the long-term US Treasury bond yields.
Gold prices fell again
At exactly 09:35 GMT, the spot price of gold was down by more than 0.3%, to trade around the level of 1796.66 US dollars per ounce, from the opening level of today’s session at 1802.82 dollars, and reached the highest price at 1807.81 dollars per ounce.
There was little change in gold in US futures trading, to remain at the level of $1802.10 an ounce.
It is noteworthy that the precious metal “gold” had finished trading yesterday, Thursday, up by 0.1%, in the third daily gain in a row, so it had recorded its highest level in three weeks at $ 1818.38 an ounce, as prices received more support thanks to the decline of the US dollar against most world currencies.
Over the course of this week’s trading, which officially ends at today’s settlement, gold prices are up so far by about 0.6%, approaching towards recording the third consecutive weekly gain, thanks to the increasing demand for the metal as one of the best safe-havens.
The yield of the US Treasury bonds for ten years fell
The yield of the US Treasury bonds for ten years fell broadly this week, to reach its lowest level in five months at 1.25%, which reduces the opportunity cost of holding the precious metal that does not yield.
At the same time, the dollar index fell today by 0.1% in the second consecutive daily loss, moving away from its highest level in three months at 92.85 points, recorded earlier in trading, reflecting the continued halt in purchases of the US currency as the best investment available against most major and minor currencies Which currently contributes to the price movements of gold and other metals priced in dollars.
Sentiment remains fragile in the bond market and broader stock markets as the new strain “Delta” threatens the recovery of the global economy, pushing Asian stocks to the lowest level in two months.
On the other hand, the minutes of the last meeting of the US Federal Reserve on policies in June, which was published on Wednesday, revealed that while the economic recovery is considered to be “generally not yet achieved”, monetary policy officials agreed that they should be ready to act quickly. In the event of inflation or other economic risks.
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