Gold price today 3/8: Precious metal continues to plunge
World gold price today listed on Kitco floor at 1,937 USD/ounce, down 15 USD/ounce compared to early morning.
Gold prices continued to decline today as the USD recovered after the White House objected to Fitch's downgrade of the US credit rating.
Gold also fell after the US released positive data on the US labor market, especially the private sector. Accordingly, the US had 324,000 jobs in July, much higher than the 191,000 forecast by economists.
Gold also fell when the 10-year US bond yield rose above the threshold of 4%/year. Investors stepped up to collect USD to buy bonds.
Gold prices continued to decline today as the USD recovered after the White House objected to Fitch's downgrade of the US credit rating.
Gold also fell after the US released positive data on the US labor market, especially the private sector. Accordingly, the US had 324,000 jobs in July, much higher than the 191,000 forecast by economists.
Gold also fell when the 10-year US bond yield rose above the threshold of 4%/year. Investors stepped up to collect USD to buy bonds.
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Traders and investors were not shaken by the sudden Fitch news, but it did somewhat dampen the market's optimism that had previously pushed US stock indexes to highs. new in the year. Initial safe-haven demand for gold was dwarfed by the aforementioned bearish external markets today.
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Jim Wyckoff, senior market analyst at Kitco, wrote in a report: “Traders and investors were not shaken by the sudden Fitch news, but it did somewhat alleviate the sentiment. Previous market optimism has pushed US stock indexes to new highs for the year.”
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The outlook for the yellow metal remains hazy, especially with US interest rates set to stay higher for longer this year. While gold is expected to benefit from the Fed's final rate cut next year, it is expected to receive limited support in the near-term.
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The US ADP National Employment Report for July revealed an unexpected surge of 324,000 workers, surpassing the estimated 175,000 increase. This significant rise follows a previous increase of 497,000 in the June report. The strong data is likely to impact the gold market and influence advocates of US monetary policy, who are in favor of a rate hike by the Fed.
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Edward Moya, senior North America analyst at OANDA, sees gold's potential as the market understands the impact of Fitch's downgrade.
“The gold market will struggle as the US curve continues to fall,” he said. “The VIX is up and it looks like Wall Street is worried. Gold will eventually act like a bully,” he said. safe haven as equities remain vulnerable as upbeat outlook is growing."
“The gold market will struggle as the US curve continues to fall,” he said. “The VIX is up and it looks like Wall Street is worried. Gold will eventually act like a bully,” he said. safe haven as equities remain vulnerable as upbeat outlook is growing."
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“Once things settle down, gold could come back as a safe haven,” said Michele Schneider, director of trading research and education at MarketGauge.
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The recovery of the economies of Europe and China may also slow down the rise of the dollar, thereby pulling gold prices up.
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In his latest gold report, Bart Melek, head of commodity strategy at TD Securities, said he expects gold to push to $2,100 an ounce, a new all-time high by the end. This year, weak economic data will change the Fed's stance.
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This decrease in price was influenced by the strength of the dollar, which also raised concerns about the labor market. Despite Fitch's downgrade of the US sovereign rating, there was little safe-haven demand for gold. Analysts believe the downgrade will have minimal impact on financial markets and is driven more by concerns about fiscal spending and political controversies.
