Gold prices fell as US Treasury bond yields increased and reached their highest level in many years. DXY index reached its highest level in 6.5 months. The DXY index (which measures the greenback's fluctuations against 6 major world currencies) traded at 106.4 points.
Daniel Ghali, senior commodity strategist at TD Securities, said investors should pay close attention to economic data due to be released this week.
US GDP data scheduled to be released on September 28 (US time) will likely disappoint, creating concerns that the US economy may face difficulties. Thereby creating a positive trend for the gold market.
In addition, the personal consumption index published on September 29 is likely to also support gold prices.
Colin Cieszynski, chief market strategist at SIA Wealth Management, said the rising USD caused gold prices to only reach between 1,900-1,950 USD/ounce.
Ben DiCostanzo, senior market strategist at Walsh Trading, said gold is in a difficult position. In the long term, interest rates remain high, making it difficult for precious metals to maintain their upward momentum.
Darin Newsom, senior market analyst at Barchart, said gold prices remained flat. A fall in the USD could trigger a soft buying spree in gold.
Daniel Ghali, senior commodity strategist at TD Securities, said investors should pay close attention to economic data due to be released this week.
US GDP data scheduled to be released on September 28 (US time) will likely disappoint, creating concerns that the US economy may face difficulties. Thereby creating a positive trend for the gold market.
In addition, the personal consumption index published on September 29 is likely to also support gold prices.
Colin Cieszynski, chief market strategist at SIA Wealth Management, said the rising USD caused gold prices to only reach between 1,900-1,950 USD/ounce.
Ben DiCostanzo, senior market strategist at Walsh Trading, said gold is in a difficult position. In the long term, interest rates remain high, making it difficult for precious metals to maintain their upward momentum.
Darin Newsom, senior market analyst at Barchart, said gold prices remained flat. A fall in the USD could trigger a soft buying spree in gold.
