Gold drops to $1750 resistance, bond yields to rise

The strength of the dollar remains the main factor putting pressure on the gold price. Gold contracts closed 2% lower this evening (September 16). The rise in U.S. government bond yields is another factor putting pressure on the gold price.

Gold futures fell $38.1, or 2.12%, to $1,762.5/ounce.

Silver futures fell $1.07, or 4.23%, to close at $22.94/ounce.

Platinum contracts fell $7.2, or 0.77%, to $934.0/ounce.

Palladium contracts rose $29.90, or 1.5%, to close at $1,936.00/ounce.

The dollar’s movement index against the six major currencies of the currency basket rose 0.42% overnight to 92.9311, driving gold prices lower.

However, strong U.S. economic data prompted investors to sell gold and take profits. In August, retail sales rose 0.7% from the previous month and 15.1% from a year earlier. Spending before the start of school in the United States is expected to be responsible.

The Mid-Atlantic manufacturing index rose 30.7% in September, up from 19.4% in August.

Investors will also be keeping an eye on the Federal Reserve’s monetary policy meeting to get the timeline for QE tapering.

The Spot Market is open

Friday, September 17, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
13.12
1,762.90
1,763.90
+9.20
0.52%
1,752.50
1,764.00
Silver
13.12
22.94
23.05
+0.08
0.33%
22.79
23.07
Platinum
13.12
934.00
944.00
+8.00
0.86%
925.00
947.00
Palladium
13.11
1,936.00
2,086.00
-28.00
-2.43%
1,907.00
2,115.00
Rhodium
05.00
11,200.00
13,200.00
0.00
0.00%
11,200.00
13,200.00
Energy
Updated at

Price

Change

%Change
Crude oil
13.11

72.36

-0.25

-0.34%

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