What Attributes to the Downward of Gold Price?
Hello everyone! Today i want to share some macro analysis with you!
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Gold closed down nearly $38 yesterday. This was partly attributed to investors taking profits after gold prices hit a 5-week high in early trading, rushing to close out positions ahead of next week's Fed meeting. In addition, higher U.S. bond yields also hit gold prices.
Gold ended Thursday's session tumbling $37.85, or 1.39%, to $2,679.94.
Gold prices tumbled on Thursday as traders took profits following the fiery U.S. PPI data, which beat expectations and hinted that the anti-inflationary process may be stalling. In addition, gold was also pressured by a modest 1.5 basis point jump in the yield on the US 10-year Treasury note to 4.289 % $Gold - main 2502(GCmain)$ $XAU/USD(XAUUSD.FOREX)$
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