Price action
- Gold futures for December delivery GC00 GCZ23 gained $2.40, or 0.1%, to $1,942.30 per ounce on Comex.
- Silver futures for September delivery SI00 SIU23 gained 1 cent, or 0.2%, to $24.61 per ounce.
- October platinum PL00 PLV23 fell by $1.20, or 0.1%, to $947 per ounce, while palladium for September PA00 PAZ23 gained $6.90, or 0.6%, to $1,236 per ounce.
- Copper for September delivery HGU23 rose by 2 cents, or 0.4%, to $3.80 per pound.
Market drivers
Gold prices tumbled on Friday after Federal Reserve Chairman Jerome Powell hinted at the possibility of more interest-rate hikes. Still, prices managed a more than 1% gain for the week, as worries about a slowing economy and turbulent markets in China helped spur demand for the yellow metal.
The big question now is, Will global bond yields continue to climb, heaping more pressure on the yellow metal? Another threat is the U.S. dollar, which is nearing its highest level since March.
“On the charts, gold has held support at the $1,900 area, but more dollar strength or rising yields would jeopardize the YTD,” said Tom Essaye, a former Merrill Lynch trader and founder of Sevens Report Research.
The yield on the 10-year Treasury note was marginally lower at 4.231%, while the ICE U.S. Dollar Index , a gauge of the buck’s value against its main rivals, was marginally higher at 104.10. Bond yields move inversely to prices.