Gold Is Not Strong To Rise Higher - - Financial Market Media No. 1 in the World Gold Is Not Strong To Rise Higher Gold Is Not Strong To Rise Higher

September 10, 2021

Gold Is Not Strong To Rise Higher

 Gold traded slightly higher in the Asian session, helped by the depreciation of the US dollar and US treasury yields as the market headed for the weekend.

At the time of writing, the price of gold registered a modest increase at $ 1,798 per ounce, while gold futures traded positive at $ 1,800 per ounce. However, it still failed to break the $ 1,800 price level.

Despite the increase, the precious metal trade was on track for its first weekly decline after rising for four consecutive weeks, with a 1.6% decline this week.

The U.S. dollar traded lower following a decline in 10 -year U.S. treasury yields that fell to 1.28% after a disappointing 30 -year treasury note auction yesterday.

Meanwhile, unemployment claims data continued to show a reduction last week, falling to its lowest level since mid -March 2020. This indicates that job growth is being hampered by labor shortages rather than declining labor demand.

Meanwhile, the European Central Bank (ECB) announced a slower emergency bond buying rate (PEPP) in the next quarter, which is seen not as a tapering stimulus.