Gold prices fall under pressure from US Treasury yields as markets digest the Federal Reserve decision and geopolitical tensions
智通财经2026/07/30 23:46Show original
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- On Thursday, spot gold prices edged lower, falling as much as 0.93% intraday to $4,028.42 per ounce. In the previous trading session, gold prices had risen by 2%, but those gains were fully pared amid a rise in US Treasury yields. Higher US yields increase the opportunity cost of holding the non-interest-bearing asset gold.
- ANZ analysts pointed out that strengthening yields reflect the market's shift from inflation concerns to expectations of interest rate hikes, putting pressure on gold prices. The Federal Reserve kept rates unchanged on Wednesday but displayed notable internal disagreement, with Chair Waller reiterating the Fed’s commitment to fighting inflation, resulting in market uncertainty regarding future policy paths.
- In terms of rate expectations, CME’s FedWatch tool shows that the market currently assigns a 65% probability to a rate hike in September, down from 81% before the policy statement was released. Investors are awaiting the release of the US June Personal Consumption Expenditures (PCE) price index and second-quarter US GDP data later in the day to further gauge inflation trends.
- On the geopolitical front, the US military launched a new round of strikes against Iran on Wednesday, escalating the Middle East conflict that has already lasted five months. Although tankers remain able to depart the region, oil prices extended overnight gains. US crude is currently up about 1.6%, trading near $85.81 per barrel.
- TD Securities analysts stated in a report that if crude oil prices remain under upward pressure throughout the summer, gold could retreat further to around $3,900 per ounce.
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