Gold is getting under pressure as US yields jump after Thursday\u2019s US data. The US GDP for the third quarter was revised from 2.9% to 3.2%, meanwhile Wall Street extends losses and the US Dollar surges on the back of the data.
Gold prices sharply retreated from nearly $1,820, reaching levels under $1,800 following the release of US economic reports.
Economic data released in the US indicated that the country\u2019s economy expanded at an annualized rate of 3.2% during the third quarter, above the 2.9% of the previous estimate. Price indicators were also revised higher.
Following the numbers, US yields jumped. The US 10-year yield rose from 3.64% to 3.67% while the US 2-year yield soared from 4.20% to 4.26%. The move in the bond market weighed on XAU\/USD that sank. At the same time, equity prices in Wall Street extended losses. As of writing, the Dow Jones is losing 0.93% and the SP& 500 drops by 1.24%.
Gold bottomed at $1,798, the lowest level in two days. It is hovering around $1,800 far from the recent high of $1,824. The correction is taking place after the yellow metal was unable to consolidate above the $1,820 area. A daily close above, should open the doors to more gains.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold is getting under pressure as US yields jump after Thursday\u2019s US data. The US GDP for the third quarter was revised from 2.9% to 3.2%, meanwhile Wall Street extends losses and the US Dollar surges on the back of the data.Gold prices sharply retreated from nearly $1,820, reaching levels under $1,800 following the release …<\/p>\n","protected":false},"author":13,"featured_media":72288,"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":[10125,7603,7826],"class_list":["post-77414","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gdp-data","tag-gold-prices","tag-q3"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77414","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=77414"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77414\/revisions"}],"predecessor-version":[{"id":77436,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77414\/revisions\/77436"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/72288"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=77414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=77414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=77414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}