Oddbean

Gold pares gains as dollar, bond yields climb after strong US data ========== Gold prices pared gains as the dollar and Treasury yields rose after stronger-than-expected U.S. economic data that could influence the size of interest rate cuts from the Federal Reserve. Spot gold was up 0.3% at $2,454.40 per ounce, as of 1:46 p.m. EDT (1746 GMT), after rising as much as 0.9% earlier in the session. U.S. gold futures settled 0.5% higher at $2,492.40. U.S. retail sales increased 1.0% last month after a downwardly revised 0.2% drop in June, the Commerce Department's Census Bureau said. Following the U.S. data, the dollar rose 0.5% against its rivals, making gold more expensive for other currency holders, while benchmark 10-year Treasury yields also jumped. Meanwhile, two Fed officials on Thursday lined up behind the possibility of an interest rate cut at the U.S. central bank's policy meeting next month, reversing their previous skepticism about lowering borrowing costs too soon. Spot silver gained 2.6% to $28.30 per ounce. Platinum jumped 3.8% to $954.65 and palladium rose 0.5% to $940.04. #Gold #Dollar #TreasuryYields #UsEconomicData #FederalReserve https://www.kitco.com/news/off-the-wire/2024-08-15/gold-pares-gains-dollar-bond-yields-climb-after-strong-us-data