InfoQuest – Gold futures prices fell today. Under the pressure of the strengthening dollar. And the recovery of US government bond yields. After the release of strong US economic figures
At 9:07 p.m. Thailand time, Comex gold futures for December delivery are down 2.10, or 0.08%, at $2,477.60 an ounce.
A stronger dollar reduces the appeal of gold. By making gold futures more expensive for holders of other currencies, a rebound in U.S. government bond yields will increase the opportunity cost of holding gold. This is because gold is an asset that does not return interest.
However, gold prices remain supported by expectations of an interest rate cut by the US Federal Reserve in September.
The US Commerce Department revealed that retail sales rose 1% on a monthly basis in July. Meanwhile, analysts expect it to rise by just 0.3% after falling by 0.2% in June.
On a year-over-year basis, retail sales rose 2.6% in July after rising 2.0% in June.
Excluding auto sales, retail sales rose 0.4% in July, while analysts had expected a 0.1% increase.
The U.S. Labor Department said initial claims for unemployment benefits fell by 7,000 to 227,000 last week, below analysts' estimates of 236,000.
The four-week average of the number of Americans filing for unemployment benefits for the first time remains to be seen. This is considered a better measure of the labor market. With weekly fluctuations eliminated, cases fell by 4,500 to 236,500.
Meanwhile, the U.S. Labor Department reported that the number of Americans continuing to file for unemployment benefits fell by 7,000 to 1.86 million, below analysts' estimates of 1.88 million.