

Please try another search
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.
By Jasper Ward and Valerie Volcovici NASSAU, BAHAMAS (Reuters) - The U.S. climate bill signed into law this week restores the country's credibility as a leading player in U.N....
By Barani Krishnan Investing.com -- Whether sanctions on Iranian oil are removed or not, OPEC seems to be in no mood of giving up $90 and above pricing for a barrel. Just days...
By Scott DiSavino NEW YORK (Reuters) -Oil prices gained about 3% on Thursday as positive U.S. economic data and robust U.S. fuel consumption offset concerns that slowing economic...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.