Gold Declines and Silver Decreases in Precious Metals Market

One sentence summary – Gold experienced a decline in August, marking its third negative month in the last four, while silver and platinum also saw decreases, but platinum achieved its second consecutive monthly gain.

At a glance

  • Gold experienced a 0.36% decline and ended the month 2.16% lower.
  • The PCE price index in the United States rose 0.2% last month.
  • U.S. consumer spending showed acceleration in July.
  • Weekly initial jobless claims fell by 4,000 to 228,000.
  • Bets on the Federal Reserve leaving rates unchanged in September stood at 88.5%.

The details

Gold experienced a 0.36% decline and ended the month 2.16% lower.

This marks the third negative month for gold in the last four.

In the United States, the PCE price index rose 0.2% last month.

This index, which measures inflation, increased by 3.3% in the 12 months through July.

U.S. consumer spending showed acceleration in July.

Weekly initial jobless claims fell by 4,000 to 228,000.

The numbers were viewed as neither terrible nor great.

This may potentially lead the Federal Reserve to halt interest rate rises early next year.

Currently, gold is in a wait-and-watch mode.

There is potential for strength in gold if bond yields drop.

U.S. Treasury yields remained relatively stable.

There were only slight decreases in U.S. Treasury yields.

The dollar briefly trimmed gains before rising again after the release of the economic data.

Bets on the Federal Reserve leaving rates unchanged in September stood at 88.5%.

The probability of a pause in rate increases in November was at 56%.

In the precious metals market, silver experienced a decrease of 1.16%.

Silver settled at $24.81 per ounce.

Platinum settled down 0.91% to $974.4.

However, platinum achieved its second consecutive monthly gain.

These facts indicate a complex economic landscape.

Various factors are influencing the market.

The performance of gold, inflation rates, consumer spending, and jobless claims are key aspects to consider.

Market expectations of the Federal Reserve’s decisions are also important.

The stability of U.S. Treasury yields contributes to the overall picture.

The fluctuations of the dollar also play a role.

In the precious metals market, both silver and platinum experienced declines.

However, the outcomes for these two metals were different.

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cnbc.com
– Gold dipped 0.36% and finished 2.16% lower for the month, marking its third negative month in four.
– U.S. inflation, as measured by the PCE price index, rose 0.2% last month and increased 3.3% in the 12 months through July.
– U.S. consumer spending accelerated in July.
– Weekly initial jobless claims fell by 4,000 to 228,000.
The numbers were seen as neither terrible nor great, potentially leading the Federal Reserve to halt interest rate rises early next year.
– Gold is currently in a wait-and-watch mode, with a potential for strength if bond yields drop.
– U.S. Treasury yields were little changed to slightly lower, and the dollar briefly trimmed gains before rising again after the economic data.
– Bets on the Fed leaving rates unchanged in September stood at 88.5%, while bets of a pause in November were at 56%.
– Silver eased 1.16% to $24.81 per ounce.
– Platinum settled down 0.91% to $974.4 and achieved its second consecutive monthly gain.

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