Gold hits 8-week low as US bond yields spike By Investing.com

Gold hits 8-week low as US bond yields spike

CommoditiesJul 03, 2017 01:43PM ET

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Gold fell to eight-week lows on Monday

Investing.com – Gold prices slumped lower on Monday, pressured by a sharp uptick in U.S. bond yields in the wake of upbeat manufacturing activity suggesting that U.S. economic growth remained robust.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $21.81, or 1.76 %, to $1220.47 a troy ounce.

Gold is set to make a negative start to the month, after better than expected manufacturing data fuelled U.S. rate hike expectations, underpinning a move higher in U.S. bond yields, lessening demand for non-interest bearing gold.

The Institute for Supply Management said its manufacturing index rose to 57.8 last month from 54.9 in May. The measure now stands at its highest level since August 2014.

The upbeat manufacturing data lifted U.S. 10-Year to a two-month high of 2.353, spurring a rally in the greenback against its rivals, adding further pressure on the precious metal.

Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.

The move higher in the greenback weighed on commodities across the board, as silver futures dropped 2.79%% to $16.105, a troy ounce while platinum futures lost 2.07% to $907.25.

Copper traded at $2.691, down 0.74%, while natural gas, dipped by 1.94% to $2.976.

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Jul 04, 2017 4:57AM GMT

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see yesterdays buy call in xau and xag.........and wait blw tgts in this week.mm..and tgt1 $1244+$16.666.and tgt2 $1255+$16.888.and tgt3 $1266+$17.111.mm--tgt in this week

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Vishal Jain Jul 04, 2017 3:28PM GMT

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S&P 500 Futures	2,506.25	+1.50	+0.06%
Nasdaq Futures	5,980.38	-16.62	-0.28%
Dow 30	22,415.00	+44.20	+0.20%
S&P 500 VIX	10.05	-0.13	-1.28%
DAX	12,569.17	+7.38	+0.06%
Nikkei 225	20,310.46	+11.08	+0.05%
US Dollar Index	92.25	+0.63	+0.69%
Euro Index	94.78	-0.59	-0.62%

Gold	1,304.94	-5.66	-0.43%
Silver	17.203	-0.076	-0.44%
Copper	2.963	-0.006	-0.22%
Crude Oil WTI	50.70	+0.80	+1.60%
Brent Oil	56.26	+1.12	+2.03%
Natural Gas	3.083	-0.039	-1.25%
US Cotton #2	69.31	+0.04	+0.06%
US Coffee C	136.38	+1.48	+1.10%

EUR/USD	1.1894	-0.0100	-0.83%
GBP/USD	1.3489	-0.0012	-0.09%
USD/JPY	112.29	+0.69	+0.62%
USD/CAD	1.2326	+0.0034	+0.28%
AUD/USD	0.8023	+0.0013	+0.16%
USD/CNH	6.5878	+0.0030	+0.05%
ETH/USD	287.00	+4.37	+1.55%
BTC/USD	3,956.1	+63.9	+1.64%

US 10Y Yield	2.268	+0.025	+1.10%
US 30Y Yield	2.807	-0.007	-0.24%
US 2Y Yield	1.442	+0.041	+2.95%
US 5Y Yield	1.876	+0.040	+2.18%
US 10Y T-Note	125.69	-0.27	-0.21%
US 30Y T-Bond	153.95	-0.10	-0.06%
Euro Bund	160.96	-0.10	-0.06%
UK Gilt	124.83	-0.20	-0.16%

Gold hits 8-week low as US bond yields spike

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