On the world market, spot gold price on Kitco floor on August 19 traded at 1,889 USD/ounce.
The world gold market was under pressure, causing the US Treasury bond yields and the USD index to increase. Yields on 10-year US Treasuries hit their highest level in 15 years. The USD index recorded a 9-week high, closing at 103 points.
Bond interest rates increase the possibility that the US Federal Reserve (Fed) maintains the current high interest rates, not to mention the Fed may continue to raise interest rates in September. That creates a full-fledged environment for gold, which means that gold prices are unlikely to rise in the near term.
Phillip Streible, chief market strategist at Blue Line Futures, said that gold faces a lot of pressure to compete with other investment channels that offer 4-5% returns such as bonds. Gold is not the ideal asset class right now.
The world gold market was under pressure, causing the US Treasury bond yields and the USD index to increase. Yields on 10-year US Treasuries hit their highest level in 15 years. The USD index recorded a 9-week high, closing at 103 points.
Bond interest rates increase the possibility that the US Federal Reserve (Fed) maintains the current high interest rates, not to mention the Fed may continue to raise interest rates in September. That creates a full-fledged environment for gold, which means that gold prices are unlikely to rise in the near term.
Phillip Streible, chief market strategist at Blue Line Futures, said that gold faces a lot of pressure to compete with other investment channels that offer 4-5% returns such as bonds. Gold is not the ideal asset class right now.
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