Latest status of gold prices following US bond yields and data
While strong US economic data and rising bond yields pressure gold prices, gram gold is trading around 6,721 liras and ounce gold at 4,270 dollars.
Ounce gold and gram gold prices are trading under pressure following the rise in US bond yields and the dollar, alongside unemployment claims coming in below expectations.
Gram and Ounce Gold Prices
While gram gold is trading at 6,721 liras just above the previous close, quarter gold is sold at 11.33 liras and republic gold at 43,931 liras.
Ounce gold started the day at 4,274 dollars, fluctuated between 4,264 dollars and 4,295 dollars during the day, and found buyers around 4,270 dollars.
Bond Yields and the State of the Dollar
US 10-year and 30-year Treasury bond yields rose to their highest levels since 2007 and 2004, respectively.
While the dollar climbed to a roughly two-month high, the 10-year bond yield continues to remain above 5 percent.
Unemployment Claims and Employment
The number of first-time unemployment benefit claimants in the country declined to 197 thousand in the week ending September 19, remaining below market expectations.
Analysts noted that this decline indicates the US economy maintains its job-creation strength and increases risks regarding inflation.
Global Markets and Agenda
While the strengthening dollar and rising bond interest rates increase the alternative cost of investing in gold, expectations for additional tightening by the Fed remain alive.
Abroad, Germany's GfK consumer confidence index, and in the US, durable goods orders and the Michigan consumer confidence index are being monitored.