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Update: Gold Moves Lower as Treasury Yields Rise

(Updates prices in the second and final paragraphs.)Gold traded lower midafternoon Friday as treasury yields rose.Gold for August delivery was last seen down $27.30, or 0.7%, to $4,113.50 per ounce.The price of the metal has hovered above the $4,000 mark for the past two weeks, staying well under its Jan. 29 record high of $5,354.90 as the high oil prices that followed the US war on Iran boost inflation, raising concerns central banks will need to lift interest rates."Precious metals remain weighed down by renewed US rate-hike fears but are finding support from signs of demand returning following a month-long capitulation and correction phase," Saxo Bank noted,The dollar was steady, with the ICE dollar index last seen little changed at 100.69. Treasury yields rose, with the yield on the US two-year note last up 2.7 basis points to 4.218%, while the 10-year note was paying 4.57%, up 1.2 points

Gold Edges Down Early as Dollar and Yields Hold Steady

Gold prices eased early on Friday even as the dollar and yields were steady.Gold for August delivery was last seen down $28.00, or 0.7%, to $4,111.80 per ounce.The price of the metal has hovered above the $4,000 mark for the past two weeks, staying well under its Jan. 29 record high of $5,354.90 as the high oil prices that followed the US war on Iran boost inflation, raising concerns central banks will need to lift interest rates."Precious metals remain weighed down by renewed US rate-hike fears but are finding support from signs of demand returning following a month-long capitulation and correction phase," Saxo Bank noted,The dollar was steady early, with the ICE dollar index last seen down 0.02 points to 100.89. Treasury yields were also little changed, with the yield on the US two-year note last seen unchanged at 4.189%, while the 10-year note was paying 4.549%, little changed on the day.

Update: Gold Moves Higher as Dollar, Yields Drop as Middle East Fighting Resumes

(Updates prices in the second and final paragraphs.)Gold traded higher midafternoon on Thursday as the dollar and yields fell, but remained rangebound as inflation worries again heightened with oil prices rising on renewed fighting between Iran and the U.S.Gold for August delivery was last seen up $58.90, or 1.4%, to $4,141.30 per ounce.The price of the metal has hovered above the $4,000 mark for the past two weeks, staying well under its Jan. 29 record high of $5,354.90 as the high oil prices that followed the US war on Iran boost inflation, raising concerns central banks will need to lift interest rates.Oil rose on Thursday as the U.S. and Iran traded strikes after President Trump declared that the ceasefire reached last month between the two countries was over."Crude oil reclaimed its role as a central driver of cross-asset pricing amid renewed U.S.-Iran tensions. Higher oil prices revived inflation and rate concerns, lifting yields and reinforcing pressure on non-yielding metals," Saxo Bank wrote.The dollar was steady, with the ICE dollar index last seen down 0.12 points to 100.87. Treasury yields were mixed. The yield on the US two-year note was down 4.3 basis points to 4.158%, while the 10-year note was paying 4.529%, down 3.8 points.

Gold Moves Higher Early; Dollar, Yields Steady Even as Oil Rises on Renewed Middle East Fighting

Gold traded higher early on Thursday but remains rangebound as inflation worries again heightened with oil prices rising on renewed fighting between Iran and the U.S.Gold for August delivery was last seen up $32.70, or 0.8% to $4,115.10 per ounce.The price of the metal has hovered above the $4,000 mark for the past two weeks, staying well under its Jan. 29 record high of $5,354.90 as the high oil prices that followed the US war on Iran boost inflation, raising concerns central banks will need to lift interest rates.Oil rose on Thursday as the U.S. and Iran traded strikes after President Trump declared that the ceasefire reached last month between the two countries was over."Crude oil reclaimed its role as a central driver of cross-asset pricing amid renewed U.S.-Iran tensions. Higher oil prices revived inflation and rate concerns, lifting yields and reinforcing pressure on non-yielding metals," Saxo Bank wrote.The dollar was steady, with the ICE dollar index last seen unchanged at 100.99 points. Treasury yields were mixed. The yield on the US two-year note was down 3.2 basis points to 4.197%, while the 10-year note was steady at 4.576%.

Update: Gold Falls as Fresh Middle East Fighting Lifts Oil, Revives Inflation Worries

(Updates prices in the second and final paragraphs.)Gold traded lower Wednesday as renewed fighting between Iran and the U.S. boosted oil prices and the dollar, reviving inflation fears that weighed on the precious metal.Gold for August delivery was last seen down $80.90, or 2%, to $4,076.50 per ounce, the lowest since June 30.The drop follows renewed fighting between the U.S. and Iran following Iranian strikes on ships moving through the Strait of Hormuz. President Donald Trump told reporters at the NATO summit in Turkey the ceasefire agreement between the two countries is "over". The U.S. on Tuesday also re-imposed sanctions on Iranian oil exports that were lifted after the deal."Gold initially fell as renewed oil-price strength clouded the inflation and rate outlook. However, despite 10-year real yields trading near an 18-month high and adding to the headwinds facing non-yielding assets, bullion has so far found support around USD 4,100," Saxo Bank wrote.The dollar edged lower with the ICE dollar index last seen down 0.4 points to 100.59. Treasury yields rose, with the yield on the US two-year note last seen up 2.7 basis points to 4.225%, while the 10-year note was paying 4.581%, up 2.5 points.

Gold Falls as Fresh Middle East Fighting Lifts Oil, Revives Inflation Worries

Gold traded lower early Wednesday as renewed fighting between Iran and the U.S. boosted oil prices and the dollar, reviving inflation fears that weighed on the precious metal.Gold for August delivery was last seen up $76.10, or 1.8%, to $4,081.30 per ounce, the lowest since June 30.The drop follows renewed fighting between the U.S. and Iran following Iranian strikes on ships moving through the Strait of Hormuz. Trump told reporters at the NATO summit in Turkey the ceasefire agreement between the two countries is "over". The U.S. on Tuesday also re-imposed sanctions on Iranian oil exports that were lifted after the June 18 ceasefire deal."Gold initially fell as renewed oil-price strength clouded the inflation and rate outlook. However, despite 10-year real yields trading near an 18-month high and adding to the headwinds facing non-yielding assets, bullion has so far found support around USD 4,100," Saxo Bank wrote.The dollar was higher early, with the ICE dollar index last seen up 0.12 points to 101.15. Treasury yields were mixed, with the yield on the US two-year note last seen down 0.02 basis points to 4.195%, while the 10-year note was paying 4.565%, up 0.9 points.

Mining & Metals35d ago

Update: Gold Edges Lower as the Dollar and Yields Move Up

(Updates price in the second paragraph.)Gold edged lower midafternoon on Tuesday as the dollar and bond yields rose, with the metal remaining rangebound even as inflation worries eased with lower energy prices.Gold for August delivery was last seen down $9.70, or 0.2%, to $4,157.80 per ounce.The price of the precious metal has stayed above $4,000 per ounce for much of the last month as energy prices ease following the June 17 ceasefire agreement between Iran and the U.S. Oil has returned to prewar levels, lowering concerns rising inflation would force central banks to lift interest rates, though yields remain elevated after the Federal Reserve last month warned it may need to increase the benchmark before year end."Bullion remains rangebound as it attempts to shift from capitulation to consolidation, supported by softer US data and a less hostile dollar and yield backdrop," Saxo Bank said in a note. "However, with short-dated US yields still signalling a risk of a rate hike later this year, a further easing in rate expectations is needed to support a more durable recovery."The dollar rose, with the ICE dollar index last seen up 0.12 points to 100.97. Treasury yields were higher, with the US two-year note last seen up 4.2 basis points to 4.158%, while the 10-year note was paying 4.523%, up 4.9 points.

Update: Gold Moves Higher as the Dollar Weakens on Easing Inflation Worries

(Updates prices in the second paragraph.)Gold traded higher midafternoon Friday in light electronic trading as the dollar continued to weaken after a report the previous day showed weaker-than-expected U.S. job growth.Gold for August delivery was last seen up 1.5% to $4,187.30 per ounce in thin trade with US markets closed ahead of the July 4 Independence Day holiday.The rise comes after the U.S. Bureau of Labor Statistics on Thursday reported the economy added just 57,000 jobs last month, down from 129,000 in May and well below expectations for an increase of 115,000, according to MarketWatch.The weak payrolls report, combined with falling oil prices as the ceasefire between Iran and the U.S. holds, is easing inflation concerns and lowering expectations that the Federal Reserve will need to raise interest rates, a positive for gold since it pays no interest."Gold trades higher for a third day, heading towards USD 4,200 and, following four weeks of losses, is on track for its best weekly gain since February, up 2.1%. Weak US jobs data and falling energy prices have reduced pressure on the Fed to raise rates this year, supporting bullion through a weaker dollar and softer yields," Saxo Bank wrote.The dollar eased, with the ICE dollar index last seen down 0.02 points to 100.84. Treasury yields were unavailable with markets closed due to the holiday.

Gold Moves Higher as the Dollar Weakens on Easing Inflation Worries

Gold traded higher early Friday in light electronic trading as the dollar continued to weaken after a report the previous day showed weaker-than-expected U.S. job growth.Gold for August delivery was last seen up US$60.90 to US$4,186.60 per ounce in thin trade with US markets closed ahead of the July 4 Independence Day holiday.The rise comes after the U.S. Bureau of Labor Statistics on Thursday reported the economy added just 57,000 jobs last month, down from 129,000 in May and well below expectations for an increase of 115,000, according to MarketWatch.The weak payrolls report, combined with falling oil prices as the ceasefire between Iran and the U.S. holds, is easing inflation concerns and lowering expectations that the Federal Reserve will need to raise interest rates, a positive for gold since it pays no interest."Gold trades higher for a third day, heading towards USD 4,200 and, following four weeks of losses, is on track for its best weekly gain since February, up 2.1%. Weak US jobs data and falling energy prices have reduced pressure on the Fed to raise rates this year, supporting bullion through a weaker dollar and softer yields," Saxo Bank wrote.The dollar eased early, with the ICE dollar index last seen down 0.1 points to 100.76. Treasury yields were unavailable with markets closed ahead of the holiday.

Update: Gold Rises as Weak US Payrolls Pressure the Dollar, Support Rate Outlook

(Updates gold's price in the second paragraph.)Gold moved higher midafternoon Thursday as the U.S. dollar fell sharply after U.S. hiring slowed more than expected last month.Gold for August delivery was last seen up 1.1% to $4,127.80 per ounce.The U.S. Bureau of Labor Statistics reported the economy added just 57,000 jobs last month, down from 129,000 in May and well below expectations for an increase of 115,000, according to MarketWatch.The weaker-than-expected data eased concerns that the Federal Reserve would need to raise interest rates this year. Federal Reserve Chair Kevin Warsh on Wednesday reinforced expectations that the central bank will keep rates unchanged, saying falling energy prices are easing the inflation concerns that followed the war with Iran and had boosted the dollar."Fed Chair Warsh dampened speculation that the Fed may raise interest rates this year, saying inflation risks have eased in recent weeks alongside lower energy prices. Meanwhile, the one-year US inflation swap has fallen sharply from a May peak of 3.5% to around 2.1%, reinforcing expectations that inflation concerns may gradually fade and potentially helping establish a floor under precious metals," Saxo Bank noted.The dollar fell sharply following the jobs data, with the ICE dollar index last seen down 0.5 points to 100.89. Treasury yields were little changed, with the US two-year note last seen paying 4.187%, up 0.2 basis points, while the yield on the 10-year note was up 0.1 points to 4.486%.

Gold Steady as Weak US Payrolls Pressure Dollar, Support Rate Outlook

Gold was little changed early Thursday even as the U.S. dollar fell sharply after U.S. hiring slowed more than expected last month.Gold for August delivery was last down 0.2% at $4,076.40 per ounce.The U.S. Bureau of Labor Statistics reported the economy added just 57,000 jobs last month, down from 129,000 in May and well below expectations for an increase of 115,000, according to MarketWatch.The weaker-than-expected data eased concerns that the Federal Reserve would need to raise interest rates this year. Federal Reserve Chair Kevin Warsh on Wednesday reinforced expectations that the central bank will keep rates unchanged, saying falling energy prices are easing the inflation concerns that followed the war with Iran and had boosted the dollar."Fed Chair Warsh dampened speculation that the Fed may raise interest rates this year, saying inflation risks have eased in recent weeks alongside lower energy prices. Meanwhile, the one-year US inflation swap has fallen sharply from a May peak of 3.5% to around 2.1%, reinforcing expectations that inflation concerns may gradually fade and potentially helping establish a floor under precious metals," Saxo Bank noted.The dollar fell sharply following the jobs data, with the ICE dollar index last seen down 0.71 points to 100.69. Treasury yields also fell, with the US two-year note last seen paying 4.135%, down 4.8 basis points, while the yield on the 10-year note was down 0.9 points to 4.476%.

Update: Gold Steady Despite a Rising Dollar and Higher Treasury Yields

(Updates the price in the second paragraph.)Gold was steady midafternoon on Tuesday, sticking above $4,000 even as the dollar and yields rose.Gold for August delivery was last seen up 0.1% to $4,042.60 per ounce.The price of the metal has dropped 10% over the past month as investors worry rising US inflation due to higher energy prices will force a hike to US interest rates, bearish for the metal since it offers no yield."The macro backdrop remains dominated by ongoing U.S. dollar strength - with USD/JPY reaching its highest level since 1986 in Asia today - and lingering concerns that the Federal Reserve may keep a hawkish stance despite the sharp decline in energy prices," Saxo Bank wrote.The dollar rose early, with the ICE dollar index last seen up 0.11 points to 101.21. Treasury yields also rose, with the US two-year note last seen paying 4.135%, up 2.0 basis points, while the yield on the 10-year note was also up 3.6 points to 4.415%

Gold Steady Despite Rising Dollar and Higher Treasury Yields

Gold steadied early on Tuesday, sticking above $4,000 even as the dollar and yields rose.Gold for August delivery was last seen up 0.2% to $4,085.80 per ounce.The price of the metal has dropped 10% over the past month as investors worry rising US inflation due to higher energy prices will force a hike to US interest rates, bearish for the metal since it offers no yield."The macro backdrop remains dominated by ongoing U.S. dollar strength - with USD/JPY reaching its highest level since 1986 in Asia today - and lingering concerns that the Federal Reserve may keep a hawkish stance despite the sharp decline in energy prices," Saxo Bank wrote.The dollar rose early, with the ICE dollar index last seen up 0.22 points to 101.33. Treasury yields also rose, with the US two-year note last seen paying 4.137%, up 2.2 basis points, while the yield on the 10-year note was also up 2.2 points to 4.401%

Update: Gold Edges Down Despite a Weaker Dollar as Yields Rise

(Updates prices in the second and final paragraphs.)Gold prices eased on Monday on rising Treasury yields even as the dollar weakened.Gold for August delivery was last seen down 1.3% to $4,058.50.Despite the drop, the price of the precious metal is sticking above the seven-month low touched on Thursday that followed a report of yet another monthly rise in U.S. inflation, pushing the dollar higher on expectations higher interest rates are coming."Sentiment (remains) weak following a tumultuous week that drove prices to their lowest level since November and a fourth consecutive weekly decline, the longest losing streak since August 2023," Saxo Bank said in a note. "Prices rebounded on Friday, supported by a softer dollar."The dollar eased, with the ICE dollar index last seen down 0.22 points to 101.14 after last week rising to a seven-month high. Treasury yields were higher -- bearish for gold since the metal pays no interest -- with the U.S. two-year note last seen at 4.119%, up 2.1 basis points, while the yield on the 10-year note was up 0.6 point to 4.377%.

Gold Edges Down Despite a Weaker Dollar as Yields Rise

Gold prices eased early on Monday on rising Treasury yields even as the dollar weakened.Gold for August delivery was last seen down US$37.80 to US$4,058.50.Despite the drop, the price of the precious metal is sticking above the seven-month low touched on Thursday that followed a report of yet another monthly rise in U.S. inflation, pushing the dollar higher on expectations higher interest rates are coming."Sentiment (remains) weak following a tumultuous week that drove prices to their lowest level since November and a fourth consecutive weekly decline, the longest losing streak since August 2023," Saxo Bank said in a note. "Prices rebounded on Friday, supported by a softer dollar."The dollar eased, with the ICE dollar index last seen down 0.09 points to 101.26 after last week rising to a seven-month high. Treasury yields were higher, with the U.S. two-year note last seen paying 4.115%, up 1.7 basis points, while the yield on the 10-year note was up 1.1 points to 4.382%.

Update: Gold Rising Off a Near Seven-Month Low as the US Dollar Weakens

(Updates prices in the second and final paragraphs.)Gold was mostly steady midafternoon on Friday, rising off multi-month lows as the U.S. dollar fell off a seven-month high.Gold for August delivery was last seen up 1.3% to US$4,098.00 per ounce.The price of the precious metal is up from the lowest since early November a day earlier after a Thursday report showed U.S. inflation rose again last month, with the May personal consumption expenditures index, the Federal Reserve's preferred inflation measure, showing prices rose at a 4.1% annualized pace, up from 3.8% in April.Rising prices due to high energy costs are lifting expectations for higher US interest rates, boosting the dollar, as the Federal Reserve's policy committee left rates unchanged last week but warned a hike may come later this year."Gold is trading around USD 4,000 for a third consecutive session and is heading for a fourth weekly loss, with investor sentiment still shaken by the recent selloff as markets adjust to the twin headwinds of a hawkish Fed and a stronger dollar," Saxo Bank said in a note.The dollar eased off the highest since early November, with the ICE dollar index down 0.1 points to 101.33. Treasuries fell, with the yield on the U.S. two-year note down 3.5 basis points to 4.1%, while the 10-year note was paying 4.396% down 1.5 points.

Gold Stays Near Seven-Month Low as US Dollar Weakens

Gold was mostly steady early on Friday, holding near multi-month lows reached this week as the U.S. dollar fell off a seven-month high.Gold for August delivery was last seen up US$5.80, or 0.1%, to US$4,053 per ounce.The price of the precious metal is sticking near more than seven-month lows touched on Wednesday after a report on Thursday showed U.S. inflation rose again last month, with the May personal consumption expenditures index, the Federal Reserve's preferred inflation measure, rose at a 4.1% annualized pace, matching expectations but up from 3.8% in April.Rising prices due to high energy costs are lifting expectations for higher interest rates, boosting the dollar, as the Federal Reserve's policy committee left rates unchanged recently but warned a hike may come later this year."Gold is trading around USD 4,000 for a third consecutive session and is heading for a fourth weekly loss, with investor sentiment still shaken by the recent selloff as markets adjust to the twin headwinds of a hawkish Fed and a stronger dollar," Saxo Bank said in a note.The dollar eased off the highest since early November, with the ICE dollar index down 0.32 points to 101.11. Treasuries were mixed, with the yield on the U.S. two-year note down 2.4 basis points to 4.111%, while the 10-year note was little changed at 4.396%.

Update: Gold Edges Up as Dollar Eases Even as US Inflation Accelerates

(Updates prices in the second and final paragraphs.)Gold moved higher midafternoon on Thursday as the dollar eased, while a key U.S. inflation measure accelerated last month.Gold for August delivery was last seen up 0.9% to US$4,046.40 per ounce after falling to the lowest since Nov. 6 a day earlier.The U.S. Bureau of Economic Analysis on Thursday reported that May personal consumption expenditures index, the Federal Reserve's preferred inflation measure, rose at a 4.1% annualized pace, matching expectations but up from 3.8% in April. Core PCE, excluding volatile items, rose 3.4% annualized, up from 3.3% a month earlier, but again matching expectations.The price of the precious metal is down 12% over the past month, falling as investors turn to the greenback amid inflation concerns. The Fed's policy committee last week warned it may raise interest rates this year to combat rising costs, boosting the dollar and sending traders away from gold, which pays no interest."The latest leg lower has been driven by the dollar's week-long surge, with the greenback posting a fresh 13-month high on Wednesday," Ole Hansen, head of commodity strategy at Saxo Bank, wrote. "It continues to benefit from carryover support following last week's hawkish FOMC message, which revived speculation that U.S. interest rates may need to rise later this year. For non-interest-paying metals, that has lifted the perceived cost of holding exposure at a time when investor confidence is already fragile."However the dollar edged down early, with the ICE dollar index down 0.18 points to 101.42. Treasury yields were lower, with the U.S. two-year note down 4.1 basis points to 4.119%, while the yield on the 10-year note was down 0.1 points to 4.389%.

Gold Edges Up as Dollar Eases Even as US Inflation Accelerates

Gold edged higher early on Thursday as the dollar eased, while a key U.S. inflation measure accelerated last month.Gold for August delivery was last seen up 0.7% to US$4,035.40 after falling to the lowest since Nov. 6 a day earlier.The U.S. Bureau of Economic Analysis on Thursday reported that May personal consumption expenditures index, the Federal Reserve's preferred inflation measure, rose at a 4.1% annualized pace, matching expectations but up from 3.8% in April. Core PCE, excluding volatile items, rose 3.4% annualized, up from 3.3% a month earlier, but again matching expectations.The price of the precious metal is down 12% over the past month, falling as investors turn to the greenback amid inflation concerns. The Fed's policy committee last week warned it may raise interest rates this year to combat rising costs, boosting the dollar and sending traders away from gold, which pays no interest."The latest leg lower has been driven by the dollar's week-long surge, with the greenback posting a fresh 13-month high on Wednesday," Ole Hansen, head of commodity strategy at Saxo Bank, wrote. "It continues to benefit from carryover support following last week's hawkish FOMC message, which revived speculation that U.S. interest rates may need to rise later this year. For non-interest-paying metals, that has lifted the perceived cost of holding exposure at a time when investor confidence is already fragile."However the dollar edged down early, with the ICE dollar index down 0.1 point to 101.29. Treasury yields were little changed, with the U.S. two-year note down 2.7 basis points to 4.131%, while the yield on the 10-year note was steady at 4.391%.

Update: Gold Falls to a Seven-Month Low as the Dollar Climbs on Inflation Worries

(Updates prices in the second and final paragraphs.)Gold traded at a seven-month low midafternoon on Wednesday as the dollar continued to strengthen on expectations the Federal Reserve will raise interest rates this year to slow rising inflation.Gold for August delivery was last seen down 3.2% to US$4,032.90 per ounce, the lowest since early November.The price of the precious metal has dropped 4.9% in the week since the Fed's policy committee ended its two-day meeting leaving interest rates unchanged but warned rates might rise this year as inflation continues climb on higher energy costs. The likelihood of higher rates is boosting the dollar and moving investors away from gold since it pays no interest.Falling oil prices since the U.S. and Iran are easing some inflation concerns, however weaker U.S. stock markets are also weighing on gold."Gold fell for a second session, pressured by a stronger dollar amid a technology-led equity selloff," Saxo Bank wrote in a note. "Limited support came from rising Treasury bonds as lower energy prices ease concerns about inflation and reduce the need for additional Fed tightening. Instead, gold's unusually strong positive correlation with the S&P 500 continues to weigh on prices, pushing the metal into the key USD 4,000-4,100 support zone."The dollar continued its rise early, with the ICE dollar index last seen up 0.22 points to 101.63, the highest in more than a year. Treasury yields eased, with the yield on the US two-year note last seen down 5.0 basis points to 4.148%, while the 10-year note was paying 4.402%, down 10.0 points.

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