Today’s World Gold Price Prints 4 Weeks of Declines in a row

money.nikaniku.com – Today’s World Gold Price Prints 4 Weeks of Declines in a row. Gold prices fell for the fourth week in a row on Friday (Saturday Jakarta time) due to pressure from the increase in the United States (US) dollar and predictions of a steep increase in interest rates by the US Central Bank or the Federal Reserve (The Fed).

Quoted from CNBC, Saturday (9/7/2022), the price of gold in the spot market rose 0.2 percent to USD 1,742.3 per ounce. The price of bullion (Bullion) fell 3.29 percent so far this week, which would be the worst since mid-May.

Meanwhile, the price of US gold futures changed slightly to USD 1,740.

Of late, gold prices have failed to attract safe-haven flows despite rising recession risks as investors opt instead for the dollar, which has climbed to new two-decade highs.

“The jobs data weighed on gold, already struggling after such a strong dollar rally. However, there is some bargain hunting going on here,” said Bob Haberkorn, senior market strategist at RJO Futures.

US job growth was more than expected in June and the unemployment rate remains near pre-pandemic lows, signaling continued labor market strength that gives the Federal Reserve the ammunition to deliver another 75 basis point rate hike later this month.

Interest rate

Today's World Gold Price Prints 4 Weeks of Declines in a row

Higher interest rates undermine gold’s appeal by translating into an increased opportunity cost of holding the asset for not earning interest.

“In the short term, we still see gold supported by recession risks. After the recent correction, we expect prices to consolidate,” said Carsten Menke, Head of Next Generation Research at Julius Baer.

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“A lasting rebound looks somewhat unlikely assuming that the Fed is able to fight inflation without pushing the economy into recession.”

On the market, demand picked up slightly in India after domestic prices fell, while concerns over the novel coronavirus outbreak continued to limit activity in major consumer China.

Elsewhere, silver was up 0.4 percent to $19.27 an ounce, while platinum was up 2 percent to $890.435.

The price of palladium rose 8.9 percent to $2,167.18, posting its third straight week of gains.

Gold Price Shines After Falling to the Lowest Level in 9 Months

Yesterday, gold prices rose in trading Thursday (Friday Jakarta time) as the lull in the rally in the United States (US) dollar exchange rate prompted some investors to take cheaper goods after two sessions of heavy losses that brought gold prices to their lowest level in 9 months.

Quoted from CNBC, Friday (8/7/2022), today’s gold price in the spot market rose 0.1 percent to USD 1,740.16 per ounce. While the price of US gold futures closed up 0.2 percent to USD 1,739.

“We saw some good old-fashioned bargain hunting after the dramatic gold sell-off. There is clearly some buying interest on the downside after yesterday’s move to a low of the $1,700s,” said David Meger, director of metals trading at High Ridge Futures.

“The dollar which did not rise further today also allowed gold to bounce back,” he continued.

The greenback has emerged as the preferred haven amid rising recession risks and had hit a nearly two-decade high in the previous session before weakening on Thursday.

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“Any strength we might see in gold in the short term should be treated with extra caution as selling could easily resume amid a strong US dollar environment and rising interest rates,” said Fawad Razaqzada, market analyst at City Index.

On Wednesday, the minutes of the U.S. Federal Reserve’s (The Fed) meeting in June showed that the worsening inflation situation and concerns about a loss of confidence in the central bank’s power to rein in it prompted the biggest U.S. interest rate hike in nearly three decades.

Slumped USD 300

Gold prices have slumped more than $300 since the Fed started raising interest rates in March to tame runaway inflation.

This increases the opportunity cost for non-yielding bullion holders.

The next catalyst for the market could come on Friday when the labor market report is scheduled for release. Data showed earlier in the day that weekly jobless claims rose last week and demand for labor slowed, while layoffs surged to a 16-month high in June.

Elsewhere, silver was up 0.2 percent at $19.21 an ounce, platinum was up 2.2 percent at $874.82 and palladium was up 5.6 percent at $2,011.42.

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