Gold futures fell for the first time in four sessions on Tuesday, as rising government bond rates and a stronger US dollar pushed the precious metal’s price down.
According to a, Lukman Otunuga senior research analyst at FXTM, the “appreciating dollar is acting as a headwind ahead of the widely anticipated U.S. employment data on Friday.” He went on to say that inflation worries and market prudence haven’t helped the metal.
In a market update, Otunuga said, “Given how gold remains sensitive to taper predictions, we can expect to see more volatility through the non-farm payrolls data.” “The decision on Friday may set the tone for the precious metal for the rest of the month.”
In a market update, Otunuga said, “Given how gold remains sensitive to taper predictions, we can expect to see more volatility through the non-farm payrolls data.” “The decision on Friday may set the tone for the precious metal for the rest of the month.”
After gaining 0.5 percent on Monday, December gold GCZ21, -0.81 percent GC00, -0.81 percent dropped $15.40, or 0.9 percent, to $1,752.20 an ounce. Silver for delivery in December SIZ21, -0.39 percent SI00, -0.39 percent SIZ21, -0.39 percent SIZ00, -0.39 percent SIZ21, -0.39 percent SIZ21, -0.39 percent SIZ21, -0.39 percent SIZ21, -0.39 percent SIZ21, -0.39 percent SIZ21, -0.39 percent SIZ21, -0.39 percent SIZ21, -0.39 percent.
The 10-year Treasury note TMUBMUSD10Y, 1.534 percent yields 1.520 percent on Tuesday, up from 1.481 percent on Monday, while the US dollar was up 0.3 percent, as measured by the ICE U.S. Dollar Index DXY, 0.25 percent.