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Gold left the red zone yesterday and showed growth for the first time in 3 sessions. However, experts warn that there is no confidence in a bullion now, and they expect quotes to fall.
Following two unsuccessful days, the yellow metal showed positive dynamics. It ended the session on the New York COMEX Exchange at $1,770.50, which is $4.80, or 0.3% higher than at the previous close.
Earlier, bullion gained 1.2% amid a weakening US dollar. However, the attractiveness of gold as a safe haven diminished due to the significant growth in US Treasuries and the optimistic results of US companies.
The yield on 10-year US bonds reached the highest level yesterday since the beginning of June and amounted to 1.6302%. The rise in the indicator was facilitated by increased expectations that the Fed may begin reducing asset purchases in the near future.
Wall Street rose on Tuesday on strong company reports for the third quarter. In particular, Johnson & Johnson has significantly improved its performance, as well as insurers, which have good revenue at this stage due to travelers.
Despite the downward factors, gold still managed to close in the positive zone due to a 0.3% drop in the dollar index. However, the result of the yellow metal was not as impressive as the silver metal.
Silver surged to more than a month high yesterday. The asset gained 2.7%, or 62 cents, and closed at $ 23,883.
Analysts note that the precious metals market will remain under the influence of multi-directional forces until the end of the week. Therefore, the growth triggers for gold and silver can serve as a further weakening of the US dollar and increased concerns about a slowdown in the world's economic growth.
There are also potential threats to further appreciation of metals. The most obvious obstacle is the desire of the US Federal Reserve to normalize its monetary policy.
Tuesday's report by commodity analysts at HSBC, the largest bank in the UK, indicated that gold prices may decline in the future, as the central bank of America is on the verge of changing its current rate towards tightening.
"With the end of the era of soft monetary policy and the reduction of incentives, the attractiveness of gold will continue to decline," experts emphasized.
They also believe that as the Fed approaches its goal of normalizing policy, the US dollar will gradually strengthen, which will negatively affect the value of the precious metal.
At the same time, HSBC noted that the rise in consumer prices in the US will not have a big impact on gold if inflationary pressure eventually leads to an increase in bond yields.
Meanwhile, the yield of US 10-year bonds continue to rise this morning. Earlier this day, the indicator reached the maximum value since May 20.
The yield growth is restrained by gold, but still, the yellow asset is slightly appreciating on Wednesday, receiving support from the US dollar. In the morning, the green currency index fell by 0.04%, or to 93.7 points, which helped the precious metal to increase by 0.21%, or $ 3.65, reporting to the level of $ 1,774.15.
Analysts warn that the dynamics of the metal will be unstable in the near future. Now, its fate depends on the following comments of Fed officials, as well as future reports of the American regulator.
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