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Gold sinks as bond yields climb


Thursday, 22 August 2019 19:49 WIB

GOLDEMASSILVER


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Gold futures headed lower Thursday as bond yields edged up, dimming some of the luster from the precious metal, with the Federal Reserve's annual symposium of central bankers getting underway in Jackson Hole, Wyo.

December delivery was last down $12.10, or 0.8%, to reach $1,503.90 an ounce, after finishing Wednesday’s session flat. September silver lost 13 cents, or 0.7%, to $17.025 an ounce.

The benchmark 10-year Treasury note added more than 3 basis points to around 1.61% early Thursday as investors await a speech from Federal Reserve Chairman Jerome Powell on Friday at the Jackson Hole symposium. Analysts are expecting Powell to confirm a widely anticipated September interest rate cut, but minutes from a meeting of the Fed's rate-setting committee in July raised some doubts about the central bank’s conviction to deliver further stimulus to markets.

Source : MarketWatch


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