Gold rebounds 1% after seven-week low as rate-hike bets cap gains

منذ 4 أسابيع

2 دقيقة واحدة

سبائك ذهبية في صورة تعبيرية عن ارتفاع أسعار الذهب — صورة تعبيرية لسبائك ذهبية. Credit: Scottsdale Mint / Unsplash — الصورة لا توثق جلسة تداول بعينها.

Gold prices recouped some of their losses after a sharp decline, with the precious metal rising by about 1% in Tuesday’s trading after touching a seven-week low in the previous session.

Gold above $4,140 an ounce

According to Reuters, spot gold rose 0.7% to $4,142.89 an ounce, while U.S. futures closed 0.3% higher at $4,179.70.

Dollar and yields weigh

The recovery followed a daily decline of nearly 4%, the largest since June, amid a stronger dollar and rising U.S. Treasury yields. Higher yields increase the opportunity cost of holding gold, which does not generate income.

Markets await inflation and jobs data

Investors are focused on U.S. inflation and labor-market data in the coming days, as they could affect expectations for the path of interest rates. With expectations of monetary tightening remaining elevated, gold movements remain sensitive to any surprises in economic data or yields.