Gold continues for the second consecutive week with losses, down 0.64% despite climbing on Friday. Lower US 10-year T-yields and the weaker US dollar account for the latest advance. So far, the Gold Index bounces off weekly lows near $1816, recovering some ground in the week, reclaiming above the $1825 mark.
Gold benefits from the positive market sentiment and elevated US Treasury yields. Gold trades at $1826.56, up 0.23%. Sentiment improved despite Thursday\u2019s dismal US S&P Global PMI, which showed the US economy is slowing. US recession fears increased after Friday\u2019s University of Michigan Consumer Sentiment on its June final reading plunged to 50.
Before Wall Street opened, the St. Louis Fed President James Bullard spoke at a panel alongside the RBA\u2019s Governor Philip Lowe. He said that fears of a US recession are overblown and commented that the US would be fine. He added that tightening policy will slow down the economy to a trend pace of growth and expects the need to move the FFR near 3.50%.
The San Francisco Fed President Mary Daly said the Fed doesn\u2019t need to think about the endpoint of the balance sheet yet, and added that the central bank would communicate regarding that. Daly\u2019s said that she does not see a recession.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold continues for the second consecutive week with losses, down 0.64% despite climbing on Friday. Lower US 10-year T-yields and the weaker US dollar account for the latest advance. So far, the Gold Index bounces off weekly lows near $1816, recovering some ground in the week, reclaiming above the $1825 mark.Gold benefits from the positive …<\/p>\n","protected":false},"author":13,"featured_media":61079,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6885,6874,8212,7462,7986,9771],"class_list":["post-67660","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-gold","tag-james-bullard","tag-market-sentiment","tag-mary-daly","tag-recesseion-concerns"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=67660"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67660\/revisions"}],"predecessor-version":[{"id":67664,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67660\/revisions\/67664"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61079"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=67660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=67660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=67660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}