Gold Prices Decline as Federal Reserve's Potential Interest Rate
Gold futures experienced a decline for the third consecutive session on Thursday, as indicated by market data. The decrease in prices was attributed to various factors, including the positive final revision of the first quarter U.S. GDP, which rose to 2%. Additionally, there was a noticeable decrease in jobless claims during this period. These developments suggested the likelihood of an interest-rate hike by the Federal Reserve in July, which put pressure on gold prices.
Jeff Wright, the chief investment officer at Wolfpack Capital, stated that the anticipation of an interest-rate hike had a significant impact on gold prices, resulting in the observed decline. The most-active contract for gold, scheduled for delivery in August, experienced a decrease of $4.30 or 0.2%. Consequently, it settled at $1,917.90 per ounce on Comex. This marked the lowest finish for the contract since March 14, according to data from FactSet.
The information provided in this article was originally reported by MarketWatch, an independent publication operated by Dow Jones & Co. It should be noted that MarketWatch operates independently from Dow Jones Newswires and The Wall Street Journal.
XAUUSD SELL 1909-1911 💯💯
✅ TP1: 1903
✅ TP2: 1898
✅ TP3: 1893
🛑 SL: 1916
Jeff Wright, the chief investment officer at Wolfpack Capital, stated that the anticipation of an interest-rate hike had a significant impact on gold prices, resulting in the observed decline. The most-active contract for gold, scheduled for delivery in August, experienced a decrease of $4.30 or 0.2%. Consequently, it settled at $1,917.90 per ounce on Comex. This marked the lowest finish for the contract since March 14, according to data from FactSet.
The information provided in this article was originally reported by MarketWatch, an independent publication operated by Dow Jones & Co. It should be noted that MarketWatch operates independently from Dow Jones Newswires and The Wall Street Journal.
XAUUSD SELL 1909-1911 💯💯✅ TP1: 1903
✅ TP2: 1898
✅ TP3: 1893
🛑 SL: 1916
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