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Gold price drops on firm US yields, strong USD after solid US data
The post Gold price drops on firm US yields, strong USD after solid US data appeared on BitcoinEthereumNews.com. Gold reverses gains after hitting daily high of $2,368, down more than 1.70%. Strong US S&P Global PMI data boosts the US Dollar, with the DXY rising 0.14% to 105.80. Mixed US economic data keeps Fed rate cut speculation alive. Gold prices reversed course on Friday, moving down more than 1.70%. Economic data from the United States (US) spurred investors’ reaction to pricing out fewer interest rate cuts by the Federal Reserve (Fed) due to the solid state of the economy. The XAU/USD trades at $2,317, below its opening price after hitting a daily high of $2,368. The US economy continued to give mixed signals regarding its robustness. S&P Global revealed June’s Purchasing Managers Index (PMI) readings, which exceeded estimates and topped May’s data. However, the US housing sector continued to deteriorate after Existing Home Sales for May missed the mark and fell compared to April’s data. On the PMI release, investors ditched Gold and bought the Greenback, which, according to the US Dollar Index (DXY), rose 0.14% at 105.80. US data revealed during the week highlights uncertainty as some economic indicators reiterate that the economy is still solid. On the positive side, Industrial Production, S&P Flash PMIs, and Retail Sales advanced, though the latter were lower than the previous month. Conversely, housing continued to deteriorate, while the jobs market, as measured by Americans filing unemployment claims, came in worse than expected. The data kept investors’ chances of a September Fed rate cut alive. Given the backdrop, Gold prices continued to drop, along with technical indicators, pointing to a correction following a three-month rally that began in March and lifted XAU/USD to its all-time high of $2,450. The CME FedWatch Tool shows odds for a 25-basis-point Fed rate cut in September at 59.5%, up from 57.5% on Thursday. In the…
The post Gold price drops on firm US yields, strong USD after solid US data appeared on BitcoinEthereumNews.com.
Gold reverses gains after hitting daily high of $2,368, down more than 1.70%. Strong US S&P Global PMI data boosts the US Dollar, with the DXY rising 0.14% to 105.80. Mixed US economic data keeps Fed rate cut speculation alive. Gold prices reversed course on Friday, moving down more than 1.70%. Economic data from the United States (US) spurred investors’ reaction to pricing out fewer interest rate cuts by the Federal Reserve (Fed) due to the solid state of the economy. The XAU/USD trades at $2,317, below its opening price after hitting a daily high of $2,368. The US economy continued to give mixed signals regarding its robustness. S&P Global revealed June’s Purchasing Managers Index (PMI) readings, which exceeded estimates and topped May’s data. However, the US housing sector continued to deteriorate after Existing Home Sales for May missed the mark and fell compared to April’s data. On the PMI release, investors ditched Gold and bought the Greenback, which, according to the US Dollar Index (DXY), rose 0.14% at 105.80. US data revealed during the week highlights uncertainty as some economic indicators reiterate that the economy is still solid. On the positive side, Industrial Production, S&P Flash PMIs, and Retail Sales advanced, though the latter were lower than the previous month. Conversely, housing continued to deteriorate, while the jobs market, as measured by Americans filing unemployment claims, came in worse than expected. The data kept investors’ chances of a September Fed rate cut alive. Given the backdrop, Gold prices continued to drop, along with technical indicators, pointing to a correction following a three-month rally that began in March and lifted XAU/USD to its all-time high of $2,450. The CME FedWatch Tool shows odds for a 25-basis-point Fed rate cut in September at 59.5%, up from 57.5% on Thursday. In the…
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