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Gold and silver futures fell Thursday for a fourth straight session, with costs for each metals settling at their lowest since late March on obvious progress within the U.S. debt ceiling talks and robust financial knowledge that sparked bets of one other fee hike by the Federal Reserve.
Gold prolonged losses after revised estimates confirmed the U.S. gross home product rose at a 1.3% annualized fee final quarter, up from the 1.1% tempo estimated final month.
“It seems like Wall Avenue is pricing in yet another Fed fee hike as the patron is just too sturdy and that will not rapidly change because the labor market is just slowly weakening,” Oanda market analyst Edward Moya stated.
Entrance-month Comex gold (XAUUSD:CUR) for Might supply closed -1% to $1,943.10/oz, its lowest settlement worth since March 21, and front-month Might silver (XAGUSD:CUR) completed -1.4% to $22.786/oz, the bottom settlement since March 22.
ETFs: (NYSEARCA:GLD), (GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (NYSEARCA:SLV), (PSLV), (SIVR), (SIL), (SILJ), (SLVP)
The U.S. greenback and benchmark Treasury yields climbed to their highest ranges since mid-March, and “if the greenback continues increased and yields lengthen their latest advance, [gold’s] 2023 uptrend will doubtless break,” the Sevens Report stated Thursday.
Three weeks in the past, the front-month Comex gold contract closed at $2,048/oz, its second highest settlement on file.
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