Stock Market

Gold extends longest losing streak since July as strong dollar weighs on precious metals – News Opener

Gold appeared headed for a sixth straight losing session on Monday — what would be its longest losing streak since early July — as the rising dollar and higher Treasury yields continued to weigh on precious metals.

Price action
  • Gold futures
    GCZ22,
    -0.77%

    for December delivery were trading down $17.50, or 1%, to $1,744 per ounce on Comex.

  • Silver futures
    SIU22,
    -1.52%

    for September delivery were down 30 cents, or 1.6%, to $18.75 per ounce as losses in silver continued to outpace losses for gold. The precious metal has fallen for five straight sessions.

  • Palladium
    PAU22,
    -6.21%

    for September delivery was off $75.90, or 3.6%, to trade at $2,055 per ounce, while platinum
    PLV22,
    -3.06%

    for October delivery fell $13.20, or 1.5%, to $873 per ounce.

  • Copper for September
    HGU22,
    -1.15%

    delivery was off 3 cents, or 0.9%, to $3.63 per pound.

What analysts are saying

Carlo Alberto De Casa, an external market analyst at Kinesis Money, said the dollar’s rebound over the past week has created a “challenging scenario for precious metals.”

“Markets are now pricing the interest rates to be in the region of 3.5 – 3.75% by the end of this year. Therefore, it is not a surprise that in the last few trading days we have seen a challenging scenario for precious metals,” De Casa said.

Investors will receive an update from Federal Reserve Chairman Jerome Powell when he delivers remarks from the Fed’s annual economic symposium in Jackson Hole, Wyo. on Friday.

The ICE U.S. Dollar Index
DXY,
+0.27%
,
a gauge of the dollar’s strength against six rivals, was up 0.2% at 108.38, nearing a multi-decade high reached last month.

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