Gold prices are trimming daily losses as the dollar soars on markets\u2019 prevalent risk aversion. US yields collapse amid fears of a recession.
Silver also trimmed losses dragged to the upside by gold. XAG\/USD bottomed at $19.38, level not seen since July 2020 and it is trading at $19.75, down 2.60%. Price is under the 200-week Simple Moving average for the first time since May 2020.
Metals rebounded during the US session, amid a collapse in US yields. The rally in Treasuries boosted gold that dragged silver to the upside. XAU\/USD is hovering around $1,800\/oz, far from the daily low.
Treasury yields spiked to the downside. The US 10-year dropped to as low as 2.79%, the lowest since late May (earlier on Friday, it traded above 3.00%), while the 30-year tumbled to 3.02%.
Recession fears are softening Fed\u2019s tightening expectations. The bond market on Friday is showing more concerns than the equity market. In Wall Street, the Dow Jones is falling by 0.56% and the Nasdaq by 0.49%.
The sharp slide in yields pushed gold back above $1,800, alleviating the bearish pressure. XAU\/USD bottomed at $1,784, the lowest since late January. It is still down for the day and about to post the lowest weekly close in months. The area around the 2022 low at $1,780 is a critical support.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices are trimming daily losses as the dollar soars on markets\u2019 prevalent risk aversion. US yields collapse amid fears of a recession.Silver also trimmed losses dragged to the upside by gold. XAG\/USD bottomed at $19.38, level not seen since July 2020 and it is trading at $19.75, down 2.60%. Price is under the 200-week …<\/p>\n","protected":false},"author":13,"featured_media":61161,"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":[38,36],"tags":[6885,6874,8143,8529,6984],"class_list":["post-67985","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-fed","tag-gold","tag-interest-rate-hikes","tag-quantitative-tightening","tag-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67985","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=67985"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67985\/revisions"}],"predecessor-version":[{"id":67993,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67985\/revisions\/67993"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61161"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=67985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=67985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=67985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}