14 July
Today’s gold and silver market news
Spot Gold prices reached a one-month high on Thursday, supported by a decline in the dollar and Treasury yields. Market speculations of an impending end to the U.S. Federal Reserve’s rate-hike cycle contributed to this trend.
The weakening dollar index, which hit a low not seen in over a year, enhanced the affordability of gold for international buyers. Additionally, benchmark U.S. Treasury yields declined, reducing the opportunity cost of holding non-yielding gold.
Furthermore, unexpected drops in the number of Americans filing new claims for unemployment benefits indicated a persistently tight labor market.
From a technical standpoint, yesterday’s trading displayed a narrow range with slight upward movements. However, the 4-hour chart signaled an overbought condition, suggesting a potential bounce towards 1970 or 1975, followed by an anticipated correction to around 1940 in the market.
