Gold futures sink Friday, on track for a five-day losing streak after ending the previous session at its lowest since Dec. 30.
Gold futures fell Friday, on track for a five-day losing streak after ending the previous session at its lowest since Dec. 30.
Price actionMarket drivers Treasury yields and the dollar DXY have risen since the beginning of February as market participants have boosted expectations for Fed interest-rate increases. Rising yields raise the opportunity cost of holding nonyielding assets like gold, while a stronger dollar makes commodities priced in the unit more expensive to users of other currencies.
“The... Gold futures fell Friday, on track for a five-day losing streak after ending the previous session at its lowest since Dec. 30. Price action Market drivers Treasury yields and the dollar DXY have risen since the beginning of February as market participants have boosted expectations for Fed interest-rate increases. Rising yields raise the opportunity cost of holding nonyielding assets like gold, while a stronger dollar makes commodities priced in the unit more expensive to users of other currencies.
“The evolving new narrative of more robust U.S. growth, payrolls, retail sales, and the additional Fed response required to tame the rude health of the U.S. economy sees investors catching up to the Fed ‘higher for longer,’ which has hurt gold,” Stephen Innes, managing partner of SPI Asset Management, told MarketWatch in an email.Innes sees potential for a shift toward cooler economic data in favor of gold when February releases on U.S.
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