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Gold prices reached a nearly 3-week high as the currency and yields declined

29 Aug,2023
Gold prices reached a nearly 3-week high as the currency and yields declined

Dollar reaches a nine-month peak on Tuesday, as markets awaited a flurry of important U.S. economic measures due later this week, gold prices increased to a level that was almost three weeks high, matching some retreat in greenback and Treasury yields over the yen.

Spot gold edged up by 0.3% to $1,925.51 per ounce, meanwhile gold futures advanced by 0.3% to $1,953.25 per ounce.

This week, profit-taking forced the dollar to retreat from a nearly three-month high, while benchmark U.S. Treasury rates likewise declined from levels approaching 20-year highs.

Due to investor trepidation over this week's U.S. data releases and their potential to affect the direction of interest rates, gold experienced some safe-haven purchases.

This aided the yellow metal's recovery from recent lows of five months, and spot prices also rose above the crucial threshold of $1,900 for an ounce.

Market attention is now firmly fixed on a flurry of U.S. economic measures due this week, beginning with consumer confidence data that will be released later in the day.

On Friday, the week will come to a close with the release of August nonfarm payroll statistics.

 

 

 

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