{"id":15765,"date":"2024-11-14T05:46:12","date_gmt":"2024-11-14T05:46:12","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15765"},"modified":"2024-11-14T05:46:12","modified_gmt":"2024-11-14T05:46:12","slug":"gold-drops-to-eight-week-low-as-dollar-surges","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/gold-drops-to-eight-week-low-as-dollar-surges\/","title":{"rendered":"Gold Drops to Eight-Week Low as Dollar Surges"},"content":{"rendered":"\n<p class=\"has-medium-font-size\"><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold fell 0.4% to $2,561.20, pressured by a stronger dollar and high Treasury yields.<\/li>\n\n\n\n<li>Fed\u2019s cautious stance on rate cuts adds uncertainty to gold\u2019s outlook, with investors eyeing upcoming PPI and jobless data.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Gold dropped to an eight-week low on Thursday, down 0.4% to $2,561.20 per ounce, as the U.S. dollar climbed to a one-year high and Treasury yields reached their highest level since July.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold held a four-day drop as a sharp rally in the dollar weighed on the metal, even as US inflation data supported the case for another Federal Reserve rate cut next month <a href=\"https:\/\/t.co\/VX024K0AWI\">https:\/\/t.co\/VX024K0AWI<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1856864755928965592?ref_src=twsrc%5Etfw\">November 14, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>We&#8217;re seeing a pronounced downward movement after reaching a high of 2,618.83, followed by a drop to a recent low of 2,558.92. Currently, the price hovers near the support zone at 2,560, a level that could determine the next direction for gold.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/image-28-1024x445.jpeg\" alt=\"\" class=\"wp-image-15766\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Gold edges lower as dollar strength persists, testing key support near 2560 amid ongoing selling pressure, as seen on the <\/em><em><a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a><\/em><em>.<\/em><\/p>\n\n\n\n<p>If the price breaks below this support, it may open the door for further declines, potentially targeting the 2,540 region.<\/p>\n\n\n\n<p>The <strong><a href=\"https:\/\/t.co\/8p2XNqYtz7\">rising dollar<\/a><\/strong> makes gold more expensive for overseas buyers, while higher yields dampen gold\u2019s appeal as a non-yielding asset.<\/p>\n\n\n\n<p>While last night\u2019s inflation report points to possible easing, the Fed\u2019s overall stance on rate cuts remains cautious.<\/p>\n\n\n\n<p><strong>See also:\u00a0<a href=\"https:\/\/www.vtmarkets.com\/analysis\/dollar-rises-ahead-of-fed-speakers\/\">Dollar Rises Ahead of Fed Speakers<\/a><\/strong><\/p>\n\n\n\n<p>Fed officials, including Dallas Fed President Logan, <strong><a href=\"https:\/\/t.co\/E1XvxJWLFZ\">warned against aggressive rate cuts<\/a><\/strong> that could rekindle inflation.<\/p>\n\n\n\n<p>Investors are now looking to the U.S. Producer Price Index (PPI) and weekly jobless claims along with remarks from Fed Chair Jerome Powell <strong><a href=\"https:\/\/t.co\/IV7W081TnI\">for further insights<\/a><\/strong> into the Fed\u2019s approach to inflation and rate policy.<\/p>\n\n\n\n<p>Silver, too, saw a dip, falling 0.5% to $30.19 per ounce, alongside declines in platinum and palladium. Traders remain focused on the Fed\u2019s next moves and how they might impact demand for non-yielding assets like gold and silver.<\/p>\n\n\n\n<p><strong>Start trading now \u2014 click <\/strong><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\">here<\/a><\/strong><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices slipped for a fifth session as the U.S. dollar hit a one-year high and Treasury yields surged, impacting gold\u2019s appeal as a hedge. &#8211; vtmarkets.com <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[7,46],"class_list":["post-15765","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-gold","tag-precious-metals"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15765"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15765\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}