Yesterday, gold was finally able to overcome the $1,780 mark. The final price on the New York Comex exchange was $1,780.70. Compared to Friday's close, the quotes rose by $2.90, or 0.2%.
Silver also showed active dynamics on Monday. July futures rose by 0.5%, or 14 cents. At the close of trading, an ounce of gray metal was estimated at $26.22.
Yesterday, the mood in the precious metals market was formed by the yield of 10-year US government bonds. A decrease in this indicator traditionally increases the investment attractiveness of gold.
Traders are also closely monitoring the movement of the US dollar. On Monday, the US currency index was stable. However, at the end of last week, the indicator fell, which served as a temporary springboard for gold bars.
This morning, the dollar exchange rate is showing growth against a number of other world currencies. In relation to its competitors, the dollar index strengthened by 0.1%.
Against this background, the noble asset, on the contrary, becomes cheaper. So, at the time of preparing the material, the price of gold fell to the level of $1,776.40. The difference from the previous close was 0.2%.
Silver prices also changed direction compared to Monday. On Tuesday morning, July futures fell by 0.2% and were trading at $26.03.
Experts state that for the past month, prices for precious metals have been under serious pressure from the dollar. A strong dollar slows down gold quotes and does not allow them to accelerate above the moving average for 100 days. According to the FactSet resource, it was at $1,792.17 yesterday.
Analysts assume that even if this week the yellow asset can overcome this level and exceed $1,800, by the end of the seven-day period it will again be in an unenviable position.
At the end of the week, the most important statistics should be published – a monthly report on the number of jobs in the United States. According to preliminary forecasts, very strong data are expected.
Michael Armbruster from Altavest believes that most likely, the figures from the labor market will be optimistic. In this scenario, the US currency will be able to strengthen in anticipation of a future tightening of monetary policy.