SLV - Gold slumps to worst week in seven on stronger dollar rising Treasury yields

2023-08-11 16:45:22 ET

Gold futures edged lower Friday but recorded their worst weekly performance since late June, hurt by a stronger U.S. dollar and rising Treasury yields, as investors assessed the latest inflation data for more clues about the Federal Reserve's next move on interest rates.

The U.S. dollar index gained 0.3% to 102.85, and the yield on the benchmark 10-year Treasury note jumped 11 basis points on the week to 4.17%.

Front-month Comex gold ( XAUUSD:CUR ) for August delivery fell every day this week to settle -1.4% at $1,912.90/oz, its largest one week net and percentage decline since the week ending June 23.

Comex silver ( XAGUSD:CUR ) also slumped this week, with the front-month August contract -4% this week to $22.674/oz for the metal's fourth straight weekly decline.

ETFs: ( NYSEARCA: GLD ), ( GDX ), ( GDXJ ), ( NYSEARCA: IAU ), ( NYSEARCA: NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SGOL ), ( BAR ), ( OUNZ ), ( SLV ), ( PSLV ), ( SIVR ), ( SIL ), ( SILJ ), ( SLVP )

"Gold is continuing its slow slide toward $1,900/oz as doubts remain as to whether the Federal Reserve still has one more interest rate increase left in its current cycle, even following yesterday's encouraging U.S. inflation data," Kinesis Money analyst Rupert Rowling told MarketWatch .

More analysis on gold:

• What Next For Gold?
• Gold Still Looks Pricey Based On A 'Fair Value' Model
• Gold: Bond Yields May Have Peaked But That's No Buy Signal

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