Analysis

A modest rise in US Treasury yields is adding downward pressure on non-yielding assets like Silver, as higher yields increase the opportunity cost of holding precious metals. At the time of writing, the 2-year and 10-year US Treasury bond yields stand at 4.20% and 4.33%, respectively.

Gold price (XAU/USD) struggles to capitalize on the previous day's solid rebound from the 50-day Simple Moving Average (SMA) support near the $2,643 area, or over a three-week low and attracts some sellers during the Asian session on Friday.

West Texas Intermediate (WTI) Oil price steadies around $71.50 per barrel during the Asian session on Friday, positioning for a weekly gain of over 3%.

Powell signals rate cuts could adapt to labor market shifts, keeping investors cautious.

Gold price (XAU/USD) extends its losses for the second successive session on Thursday. The dollar-denominated precious metal faces downward pressure from a stronger US Dollar (USD) following the victory of former President Donald Trump in the US election.

The gold price has retreated somewhat from its record level of the previous week and is trading at around $2,740 per troy ounce, Commerbank’s commodity analyst Carsten Fritsch notes.

The WTI price trades around $71.20 during the Asian hours after rising more than 3% on Monday, which could be attributed to OPEC+ coalition, delaying plans to hike production in December.

Gold price (XAU/USD) attracts fresh sellers during the Asian session on Tuesday and drops to over a one-week low, around the $2,725-2,724 region, though the downside seems cushioned.

Silver price (XAG/USD) maintains its position around 32.50 during Asian trading hours on Tuesday as traders adopt caution ahead of the US presidential election. However, the heightened uncertainty surrounding the election has led to increased demand for safe-haven assets like Silver.

Gold prices remained choppy during Monday’s session as the US presidential election continued amid uncertainty about who would win the White House.

Gold (XAU/USD) makes a half-baked recovery to trade in the $2,740s on Monday amid a weakening US Dollar (USD), which helps Gold rise since the precious metal is mostly priced and traded in USD.

Crude Oil price sprints higher on Monday on the back of an OPEC statement in which the Oil cartel says it has agreed to delay its foreseen production restart until at least December.

West Texas Intermediate (WTI) Oil price appreciated more than 1% on Monday, trading around $70.20 per barrel during Asian hours.

Gold price (XAU/USD) trades with mild gains, snapping the two-day losing streak near $2,740 during the early Asian session on Monday.

The World Gold Council published data on Gold demand in the third quarter this week. Taking into account over-the-counter (OTC) transactions, demand rose by 5% year-on-year, reaching a record level for a third quarter.

The Gold price (XAU/USD) recovers some lost ground on Friday. The uncertainties surrounding the US presidential election and the ongoing geopolitical tensions in the Middle East provide some support to the precious metal, a traditional safe-haven asset. 

West Texas Intermediate (WTI) Oil price holds steady on Friday during Asian trading hours, around $70.20 per barrel, following gains in the previous session.

Gold price retreated from all-time high on Thursday as traders failed to capitalize on falling US Treasury bond yields.

Silver prices (XAG/USD) extends its losses for the second consecutive day, trading around $33.60 during the Asian hours on Thursday.

Gold price soared to a record high of $2,790 during the North American session, as investors remain uncertain about the outcome of the US Presidential Elections.