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US bond yields soared, gold prices are hard to rise this week

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发表于 2018-10-8 15:29:40 | 显示全部楼层 |阅读模式
During the Asian session this week, spot gold prices fell below $1,200, or $6.06, or 0.50%, to $1,196.73.
Despite the rise in hardware prices last week, a stronger US dollar and higher US Treasury yields may be a major bearish factor for gold prices this week. The negative correlation between gold prices and the US dollar continues to offset demand for safe havens.

Due to the light economic data this week, investors will continue to pay attention to the impact of rising US Treasury yields on the market. The US bond market is closed for Columbus Day and will reopen on Tuesday.

While the market continues to digest Friday's US non-farm payrolls report, concerns about rising Italian debt and emerging market pressures remain important.

Futures gold closed higher on Friday, ending a two-day losing streak as the US Labor Department announced a sharp decline in the number of new jobs in September, while wage growth has also slowed, leading to a weaker dollar.

On Friday, the Comex December futures gold price on the New York Mercantile Exchange rose 0.42% to $1,206.70 per ounce. Last week, futures gold rose 0.81%.

The United States added 134,000 jobs in September, the lowest level in a year, but the August reading was raised from 201,000 to 270,000. The reduction in the number of new jobs may be affected by Hurricane Florence.

The year-on-year growth rate of wages fell to 2.8% from 2.9% in August.

Despite the decrease in the number of new jobs, the unemployment rate fell to a nearly 49-year low, down from 3.9% in August to 3.7%.

Last Friday, after the above employment report was released, the US dollar index futures, which measured the movement of the US dollar against a basket of six major currencies, fell 0.13% to 95.31. However, the US dollar index futures weekly still rose 0.6%, rising for two weeks.

In recent weeks, Fed officials with strong hawkish positions and strong US economic data have supported the dollar.

The non-agricultural employment report did not change the Fed’s plan to continue to raise interest rates again in December and beyond.

Since holding gold does not generate interest income, rising interest rates and rising US bond yields have weakened the attractiveness of gold and tend to boost the dollar. For potential buyers with non-US currencies, a stronger US dollar will make dollar-denominated assets such as gold relatively expensive.

Due to the rise in US interest rates and the strength of the US dollar this year, futures gold prices fell 0.9% in September and fell 4.6% in the third quarter.

In other Comex precious metals, silver futures rose 0.62% last Friday to $14.68 per ounce, down by 0.73% on the weekly. Platinum futures rose 0.1% to $825.30 an ounce and the weekly line rose 0.83%.

In terms of base metals, copper futures fell 0.67% on Friday to $2.759 per pound, and the weekly decline expanded to 1.29%.

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