- Gold is pressured by rising US yields following US data.
- Third quarter GDP was revised from 2.9% to 3.2%.
- Wall Street extends losses and the dollar soars.
gold prices they fell sharply from around $1,820, reaching levels below $1,800 after the release of US economic reports.
Looking for the recovery of Santa Claus
Economic data released in the US showed that the economy expanded at an annualized rate of 3.2% during the third quarter, up from the 2.9% previous estimate. Prices were also revised upwards.
Following the figures, US yields soared. The 10-year yield rose from 3.64% to 3.67%, while the 2-year yield soared from 4.20% to 4.26%. The movement in the bond market weighed on the XAU/USD which plunged. At the same time, stock prices on Wall Street extended the losses. As of this writing, the Dow Jones is down 0.93% and the SP& 500 is down 1.24%.
Gold bottomed at $1,798, the lowest level in two days. It is hovering around $1,800, far from the recent high of $1,824. The correction is coming after the yellow metal was unable to consolidate above the $1,820 area. A daily close above should open the doors to further gains.
technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
