Gold prices fell for a second day, with expectations of an interest rate hike

Gold futures prices continued their decline for the second day in a row, with US bond yields rising amid expectations of an increase in US interest rates.

The dollar value index fell against other major currencies, which rose 106.94 points, to 106.32 points, before rising to 106.56 points at the close of trading.

And gold ended its trading with a decline of 48.40 dollars, or 0.5%, to 1789.70 dollars an ounce for delivery next December.

Silver also declined by $0.187 to $20.085 an ounce for September delivery, while the copper price rose by $0.0070 to $3.6245 per pound for September delivery.

In terms of economic news, data of the US Federal Reserve (Central Bank) showed an increase in factory output last month by 0.7%, after declining by 0.4% during last June.

At the same time, the industrial output as a whole, which also includes the output of the mining and utilities sectors, increased by 0.6% during the last month.

The median forecast of analysts, polled by Bloomberg News, was for factory output and industrial output as a whole to grow by 0.3% each.

The data of the US Department of Commerce also showed that the number of new housing projects decreased by 9.6% during the past month to the equivalent of 1.446 million units annually, compared to the previous month, which recorded a decline of 2.4% to the equivalent of 1.559 million units annually, according to the revised data. Analysts had expected The number decreased by 1.2% during the last month, to the equivalent of 1.5401 million units annually.

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