Gold concluded another day with losses on Wednesday, marking its eighth consecutive session of decline, even as the dollar and treasury yields exhibited relative stability.
The December delivery contract for gold recorded a decrease of $6.90, closing at $1,928.30 per ounce.
This decline coincides with robust economic reports that are reinforcing the dollar's position, driven by expectations that the Federal Reserve might consider raising interest rates once more before the year concludes. While many anticipate the central bank to maintain its current stance for the rest of the year, the release of a significantly higher-than-anticipated rise in July's US retail sales on Tuesday provides additional grounds for rate hawks, thus extending gold's ongoing streak of losses.
Saxo Bank observed, "A surprisingly strong US retail print bolstered the case for further rate hikes ... For now, the short-term downtrend remains intact."
The dollar exhibited gains, with the ICE dollar index showing a recent increase of 0.14 points to reach 103.35.
Meanwhile, treasury yields exhibited a mixed performance. The US two-year note remained unchanged at 4.961%, while the yield on the 10-year note rose by 3.5 basis points, reaching 4.253%.
GOLD
BUY 1890-1892💯
✅ TP1: 1900
✅ TP2: 1905
🛑 SL: 1887
The December delivery contract for gold recorded a decrease of $6.90, closing at $1,928.30 per ounce.
This decline coincides with robust economic reports that are reinforcing the dollar's position, driven by expectations that the Federal Reserve might consider raising interest rates once more before the year concludes. While many anticipate the central bank to maintain its current stance for the rest of the year, the release of a significantly higher-than-anticipated rise in July's US retail sales on Tuesday provides additional grounds for rate hawks, thus extending gold's ongoing streak of losses.
Saxo Bank observed, "A surprisingly strong US retail print bolstered the case for further rate hikes ... For now, the short-term downtrend remains intact."
The dollar exhibited gains, with the ICE dollar index showing a recent increase of 0.14 points to reach 103.35.
Meanwhile, treasury yields exhibited a mixed performance. The US two-year note remained unchanged at 4.961%, while the yield on the 10-year note rose by 3.5 basis points, reaching 4.253%.
GOLD
BUY 1890-1892💯 ✅ TP1: 1900
✅ TP2: 1905
🛑 SL: 1887
