Gold prices fell on Wednesday as the US dollar and Treasury yields strengthened, while the prospect of the Federal Reserve cutting interest rates in September limited further downside.
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Gold Fundamentals
- Spot gold fell 0.2% to $2,385.23 per ounce by 0155 GMT. US gold futures fell 0.3% to $2,425.50.
- The dollar improved, making bullion more expensive for other currency holders. While, the benchmark US 10-year Treasury yield rose.
- Markets see a 70% chance of a 50-basis-point cut in September, according to the CME FedWatch tool. Zero-yield gold thrives in a low-interest-rate environment.
- Fed policymakers on Monday railed against the notion that weaker-than-expected employment data in July meant the economy was heading for a recession, but also warned that rate cuts would be needed to avoid such an outcome.
- SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.37% to 848.06 tonnes from 844.90 tonnes on Tuesday.
- On the geopolitical front, the United States has informed Iran and Israel that it must not escalate the conflict in the Middle East, Secretary of State Antony Blinken said on Tuesday, while the Pentagon warned it would not tolerate attacks against its forces in the region.
- Spot silver fell 0.2% to $26.99 per ounce, platinum rose 0.31% to $914.90 and palladium rose 0.13% to $875.77.
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