Gold Prices Slide to One-Week Low on Strong US Private Payrolls Data - News18
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Last Updated: July 07, 2023, 02:06 IST New York, United States of America (USA) Gold is highly sensitive to rising U.S. interest rates, as they increase the opportunity cost of holding non-yielding bullion. Spot gold was down 0.4% at $1,910.15 per ounce by 2:08 p.m. EDT (1808 GMT), while U.S. gold futures settled 0.6% lower at $1,915.40 Gold prices slipped to a near one-week low on Thursday after a better-than-expected U.S. private payrolls report fuelled expectations for more rate hikes from the Federal Reserve, lifting Treasury yields higher. Spot gold was down 0.4% at $1,910.15 per ounce by 2:08 p.m. EDT (1808 GMT), while U.S. gold futures settled 0.6% lower at $1,915.40. U.S. private payrolls increased more than expected in June, indicating strength in the labour market despite growing risks of a recession from higher interest rates. Benchmark U.S. 10-year Treasury yields rose to a more than four-month peak, while yield on two-year U.S. Treasury note hit the highest si...