The gold managed to shed some of its percentages in the market as the dollar continues to tally great market performance. The greenback is hitting a new high in the succeeding session, putting the commodities prices on a bearish run.
The gold surge is currently apprehended by the optimistic dollar. The currency is finally gaining some traction after being silent for the first four months of the year. The greenback suffered from the strong oil prices and previous geopolitical crisis.
The dollar is also shrugging a lot of its rival currencies. The dollar index also shines in the previous sessions, trampling the yen and the euro as the Federal Reserve continues to keep their hawkish tone in the market.
Furthermore, the growing anticipation for the next interest rate hike continues to buoy the dollar higher in the market. The speculations of adding another interest rate hike also hover in the market as the local economy continues the hasty pace.
Going back to the gold prices, the spot gold was the first one to go down in the market. It was down by a total of 0.3% in the midday trading at $1,309.57 per ounce; and easing just before the session closes, losing a total of 0.1% at $1,313.20.
The deliveries for the month of June were also troubled in the same session. They were down a total of 0.3% in the prior session at $1,309.80 per ounce. The futures trading were volatile and kept the prices unchanged for a little while before dipping.
The precious metal hasn’t been producing a great market performance as its commodity brother, the oil. As a matter of fact, the prices for the gold have been bearish in the previous week. It managed to shed a total of 3.5% of its value in the last three weeks.
On the other hand, oil prices are looking to have a better run in the previous session. The silver also had a better session than gold. The oil prices are hovering somewhere around the $70 mark despite having a stellar dollar performance.
Furthermore, the silver price in the previous session was hitting an increase of 0.2% at $16.48. The platinum was also experiencing a terrific performance on the previous session, tallying a 0.2% increase to $909.65 an ounce.
The palladium was the only one to have the same faith as gold. The commodity shed some few percentages in the market, 0.3% in total to $969 an ounce. The dip was after palladium hits a record high last April.
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