• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Gold price drops as upbeat US data lifts dollar, yields

2 years ago
in Business, Features, highlights, Home, home-news, latest News, Mining
1 min read
0 0
0
94
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Ghana in Trade Talks With US Over Tariffs and Renewal of AGOA, Says President Mahama

Local Bourse Posts 70% YTD Gain on Renewed Interest in Large-Cap Counters

Central Bank Advances Virtual Asset Regulation With Draft Bill and Industry Registration Drive

Gold price drops as upbeat US data lifts dollar, yields

Gold prices slipped over 1% on Thursday as the metal was weighed down by a stronger dollar and an uptick in bond yields following stronger-than-expected US economic data.

Spot gold was down 1.4% to $1,944.31 per ounce by 10:45 a.m. EDT, its lowest in two weeks. US gold futures dropped 1.3% to $1,945.30 per ounce in New York.

Data showed the US economy grew faster than expected in the second quarter as labor market resilience underpinned consumer spending.

A separate report from the Labor Department on Thursday showing initial claims for state unemployment benefits fell 7,000 to a seasonally adjusted 221,000 for the week ended July 22.

“There was a one and two punch on gold with a better-than-expected initial claims numbers showing that the strength of the US labor market is resilient,” Phillip Streible, chief market strategist at Blue Line Futures in Chicago, told Reuters.

“Then also that surprise upside expectation in GDP data as well shows you that if there is any recession, it’s just not no one seeing it right now. So it paves the way for higher for longer on interest rates.”

Following the data, the dollar index jumped 0.7% against its rivals, making gold more expensive for other currency holders. The benchmark US 10-year yield also climbed to 3.90%.

On Wednesday, the US Federal Reserve raised interest rates by 25 basis points as expected. Markets priced in 57% odds of the Fed holding rates for the rest of the year, according to the CME FedWatch tool.

Meanwhile, the European Central Bank (ECB) raised interest rates for the ninth consecutive time on Thursday and kept the door open to further tightening.

Tags: dollarGoldGold price drops as upbeat US data lifts dollaryields
No Result
View All Result

Highlights

In the Balance: Manchester United’s Dreams Hang by a Thread as Amorim’s Future Wavers

FIFA Vice-President Warns European Fans of Late Nights for World Cup 2026 Kick-Offs

UEFA Champions League: Late Drama as PSG, Arsenal, and Qarabağ Continue Winning Streaks

EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds

Dams for Development? Unpacking Tensions in the World Bank’s Hydropower Policies

Chart of the Week: Dollar’s Share of Reserves Held Steady in Second Quarter When Adjusted for FX Moves

Trending

Business

Ghana in Trade Talks With US Over Tariffs and Renewal of AGOA, Says President Mahama

October 2, 2025

Ghana in Trade Talks With US Over Tariffs and Renewal of AGOA, Says President Mahama Ghana has...

Local Bourse Posts 70% YTD Gain on Renewed Interest in Large-Cap Counters

October 2, 2025

Central Bank Advances Virtual Asset Regulation With Draft Bill and Industry Registration Drive

October 2, 2025

In the Balance: Manchester United’s Dreams Hang by a Thread as Amorim’s Future Wavers

October 2, 2025

FIFA Vice-President Warns European Fans of Late Nights for World Cup 2026 Kick-Offs

October 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.