Gold selling continued on Tuesday and recorded the longest losing streak since August 2022 in the last session, after Federal Reserve (US Central Bank) officials confirmed the possibility of interest rates remaining high, while job vacancy data in the United States is released later today.
The dollar rose, hitting a 10-month peak again, while Treasury bond yields reached a new high, the highest in 16 years, after data showed yesterday, Monday, that manufacturing industries in the United States took another step towards recovery in September.
The rise in the dollar and bond yields affects the yellow metal, which is priced in dollars and does not generate a return.
Quite simply, everyone was surprised by the strength of the US economy, including policymakers, said Kyle Rodda, a financial markets analyst at Capital.com.
Federal Reserve officials say monetary policy should remain tight for some time to bring inflation down to the target rate of 2 percent.
Traders are now awaiting a report from the US Department of Labor on job vacancies, which will be issued later today.
Change in prices
Gold fell in instant transactions by 0.6 percent to $1,817 per ounce, by 0306 GMT, and fell for the seventh session in a row, recording its lowest levels since March 9. US gold futures fell 0.7 percent to $1,833.40.
As for other precious metals, silver in spot transactions fell 1.4 percent to $20.77 per ounce, the lowest level in six and a half months.
Platinum fell 0.8 percent to its lowest level in a year at $869.90. Palladium fell 0.1 percent to $1,200.04.
