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Gold prices ease as firmer dollar and Treasury yields pressure bullion
En breve
Gold prices eased, with spot gold slipping 0.3 percent to $4,128.83 an ounce by 04:00 GMT Tuesday, WAM reported, pressured by a firmer dollar and rising Treasury yields. In the UAE, Economy Middle East said retail gold rates fell Monday, with 24-carat at AED498 and 22-carat at AED461. The business outlet also cited weak US September jobs data and an 18 percent market-implied probability of a Fed rate increase at its October meeting.
Leer la noticia completa 2 min de lectura
Gold prices eased on Tuesday, with spot gold slipping 0.3 percent to $4,128.83 an ounce by 04:00 GMT, according to the Emirates News Agency, WAM. The official outlet said gold was pressured by a firmer US dollar and rising Treasury yields. US gold futures were little changed at $4,155.90. WAM also reported that spot silver fell 0.6 percent to $60.69, platinum lost 0.5 percent to $1,712.20 and palladium eased 0.5 percent to $1,166.86. [ 2 ]
A day earlier, Economy Middle East reported that spot gold traded at $4,138.77 an ounce at 5:48 GMT, down 0.02 percent, after moving between gains and losses in Asian trading. US gold futures for December delivery slipped 0.05 percent to $4,160.17. In the UAE, retail gold rates fell: 24-carat and 22-carat gold declined AED1 to AED498 and AED461 respectively; 21-carat fell AED1 to AED442; 18-carat declined AED0.75 to AED379; and 14-carat dropped AED0.75 to AED295.50. [ 1 ]
The business outlet linked the market moves to US labor data. It said the US economy added only 29,000 nonfarm jobs in September and unemployment stood at 4.2 percent, according to the official Bureau of Labor Statistics report released Friday. July payrolls were revised down by 31,000, turning a previously reported 21,000 increase into a 10,000 decline, while August was revised from 162,000 to 133,000. Together, July and August employment was 60,000 lower than previously reported. Wage growth also moderated, with average hourly earnings up 0.1 percent in September to $37.81 and annual growth slowing to 3 percent. [ 1 ]
Economy Middle East said the weaker figures sharply reduced expectations for another Federal Reserve rate increase in October, with traders assigning an 18 percent probability to a hike at the Fed’s October meeting, according to CME data it cited. The dollar index was up around 0.6 percent, making dollar-denominated bullion more expensive for buyers using other currencies, and gold remained supported above $4,100 after Friday’s employment report, the outlet said. WAM’s Tuesday report focused on global prices and did not include the US jobs data or UAE retail rates that appeared in the earlier business report. [ 1 , 2 ]
Por qué importa
The moves matter to investors and UAE gold buyers because global prices and local retail rates moved lower. The weak US employment report cited by Economy Middle East reduced market-implied odds of an October Fed rate increase, though WAM said a firmer dollar and rising Treasury yields continued to pressure gold. The official UAE agency’s coverage and the business outlet’s local retail prices suggest the story is relevant both to global markets and to consumers in the Emirates.
Datos clave
- Spot gold slipped 0.3 percent to $4,128.83 an ounce by 04:00 GMT on Tuesday, WAM reported. [ 2 ]
- Economy Middle East reported spot gold at $4,138.77 an ounce at 5:48 GMT on Monday, down 0.02 percent. [ 1 ]
- In the UAE, 24-carat gold and 22-carat gold each fell AED1 to AED498 and AED461, while 21-carat fell AED1 to AED442, according to Economy Middle East. [ 1 ]
- The same outlet reported 18-carat gold declined AED0.75 to AED379 and 14-carat dropped AED0.75 to AED295.50. [ 1 ]
- The US economy added 29,000 nonfarm jobs in September and unemployment was 4.2 percent, per the Bureau of Labor Statistics report cited by Economy Middle East. [ 1 ]
- July and August payrolls were revised down by a combined 60,000, and average hourly earnings rose 0.1 percent in September to $37.81. [ 1 ]
- Traders assigned an 18 percent probability to a Federal Reserve rate increase at the October meeting, according to CME data cited by Economy Middle East. [ 1 ]
- WAM said a firmer US dollar and rising Treasury yields pressured gold, and reported silver, platinum and palladium also fell. [ 2 ]
Confirmado por varias fuentes
- Gold prices were lower in both reports: Economy Middle East cited spot gold at $4,138.77 on Monday, and WAM cited $4,128.83 on Tuesday. [ 1 , 2 ]
- WAM, an official outlet, reported that gold eased on Tuesday, pressured by a firmer US dollar and rising Treasury yields, with spot gold down 0.3 percent to $4,128.83 an ounce by 04:00 GMT. [ 2 ]
- WAM reported US gold futures little changed at $4,155.90 on Tuesday. [ 2 ]
- WAM reported spot silver fell 0.6 percent to $60.69, platinum lost 0.5 percent to $1,712.20 and palladium eased 0.5 percent to $1,166.86. [ 2 ]
Aún sin aclarar
- Whether the Federal Reserve will raise rates at its October meeting. The documents report only market-implied odds of 18 percent, cited by Economy Middle East; no Fed decision is included.
- Whether UAE retail gold rates changed on Tuesday. Economy Middle East lists lower UAE retail rates on Monday, while WAM’s Tuesday report gives only global prices.
- The UAE city where the retail gold rates apply. Economy Middle East says only “in the UAE”; WAM’s dateline is “CAPITALS” and does not specify a city for the rates.
- The full CME attribution in the Economy Middle East article. The excerpt ends with “according to CME …”, so the rest of the source description is not available.
Qué dicen los medios locales
Cronología, hora local
- Spot gold traded at $4,138.77 an ounce, down 0.02 percent, after moving between gains and losses in Asian trading, Economy Middle East reported. [ 1 ]
- Economy Middle East published its report on gold prices and UAE retail rates. [ 1 ]
- Spot gold slipped 0.3 percent to $4,128.83 an ounce, WAM reported. [ 2 ]
- WAM published its report on gold easing, pressured by a firmer dollar and rising Treasury yields. [ 2 ]