Gold futures hit the lowest in the past three weeks, the Fed’s interest rate hike bet pushes U.S. Treasury yields up | Fed

original title:[收盘评论]COMEX market on November 23: Gold futures hit their lowest level in nearly three weeks, and the Fed’s interest rate hike bets to boost U.S. bond yields

Wenhua Finance

According to foreign news on November 23,Gold priceIt fell by about 1% on Tuesday, hitting its lowest level in nearly three weeks. Powell’s re-election as the chairman of the Federal Reserve intensified bets on a faster rate hike, boosting the yields of the U.S. dollar and U.S. Treasuries.

At 13:30 on November 23, New York time (02:30 on November 24, Beijing time), COMEX’s most actively traded December gold futures contract fell by US$22.5, or 1.3%, and settled at US$1,783.80 per ounce.

December silver futures fell 86.20 cents and settled at US$23.435 per ounce.

The January platinum futures contract fell 50.9 US dollars and settled at 964.2 US dollars per ounce.

Palladium futures for December fell by US$100.30 and settled at US$1,850.30 per ounce.

In COMEX other metals, the December copper contract rose 2.7 cents to settle at US$4.4235 per pound.

The dollar index has stabilized and U.S. Treasury yields have climbed, making gold expensive for holders of other currencies.

“Gold has been in a panic sell-off for the past 48 hours. I will blame most of the reasons for the rise in 10-year U.S. Treasury yields, the steeper yield curve, and the poor response of gold futures,” Blue Line Futures chief market strategist Phillip Streble said.

U.S. Treasury yields rose slightly in shock trading on Tuesday. Investors are preparing for the Fed to be more aggressive in fighting inflation. Prior to this, US President Biden nominated Powell for re-election. Due to public holidays, market trading hours will be shortened this week.

Investors bet that Powell will speed up the normalization of the Fed’s monetary policy to better respond to the surge in consumer prices.

Powell and Treasury Secretary Yellen will attend the Senate Finance Committee hearing next week.

Massive information, accurate interpretation, all in Sina Finance APP

Editor in charge: Chen Xiulong


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.