Gold prices fell on Tuesday as rising oil prices and higher U.S. Treasury yields increased the opportunity cost of holding non-yielding bullion, according to a ChainCatcher newsflash. Even with the pullback, gold is still up more than 10% so far this month. Analysts at Mitsubishi UFJ Financial Group said the metal continues to draw support from a rebound in investor demand and ongoing gold purchases by central banks. Market attention is now turning to the minutes from the Federal Reserve’s July meeting and remarks by Chair Wosch at the Jackson Hole conference, both of which are being watched for clues on the rate outlook. The combination of near-term pressure from higher yields and longer-running support from official-sector buying remains at the center of the current price setup.
Gold fell on Tuesday as higher oil prices and rising U.S. Treasury yields lifted the opportunity cost of holding non-yielding bullion, according to a ChainCatcher newsflash.
Even so, gold is still up more than 10% so far this month.
Analysts at Mitsubishi UFJ Financial Group said recovering investor demand and continued gold buying by central banks are still supporting prices.
The minutes of the Federal Reserve’s July meeting and remarks by Chair Wosch at the Jackson Hole conference are expected to be key for judging the interest-rate outlook.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
