Gold Futures Snap 6-day Winning Streak
2024-10-24
4898
(fxcue news) - Gold futures settled lower on Wednesday, as the dollar and bond yields moved up. Profit taking after six successive days of gains contributed as well to the drop in yellow metal prices.
The dollar index climbed to 104.57, gaining nearly 0.5%. Treasury yields continued to rise as traders pondered the prospect of a Donald Trump presidency.
Gold futures for October ended down $29.80 or about 1.1% at $2,714.40 an ounce.
Silver futures for October settled lower by $1.1910 or about 3.4% at $33.640 an ounce, while Copper futures for November dropped to $4.2960 per pound, down $0.0590 or about 1.35% from the previous close.
It is feared that Trump policies including tariffs and restrictions on undocumented immigration could increase inflation and keep interest rates relatively high for a longer-than-anticipated period.
The yield on the benchmark ten-year note is up by 4.4 basis points at 4.25%.
After the Fed slashed interest rates by 50 basis points last month, CME Group's FedWatch Tool is currently indicating an 89% chance of just a 25 basis point rate cut next month.
In economic news, data from the National Association of Realtors unexpectedly showed a continued decrease by existing home sales in the U.S. in the month of September.
NAR said existing home sales slid by 1% to an annual rate of 3.84 million in September after tumbling by 2% to a revised rate of 3.88 million in August.
Economists had expected existing home sales to increase by 1% to a rate of 3.90 million from the 3.86 million originally reported for the previous month.
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