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- Breaking: Gold drops below $1,900 for the first time since mid-March
Breaking: Gold drops below $1,900 for the first time since mid-March
- Stronger-than-expected US economic data boosts the US Dollar across the board.
- US Treasury yields spike higher, putting pressure on Gold.
- XAU/USD fell below $1,900/oz, reaching its lowest level in three months.
Gold prices tumbled following the release of US economic data. XAU/USD broke below $1,900 for the first time since mid-March and fell to $1,894. The yellow metal remains under pressure while the US Dollar Index trades at 103.25, the strongest level since June 15.
Data from the US showed a revision to Q1 GDP from 1.3% to 2% and a decline in Initial Jobless Claims to 239K, the lowest level in four weeks. Those numbers surpassed expectations and add to recent figures that came in stronger than expected. On Friday, the Core Personal Consumption Expenditure is due.
After the reports, the US 10-year Treasury bond yield jumped to 3.82%, the highest level since June 15, while the 2-year yield soared to 4.88%, the highest since March 9.
The increase in yields is boosting the US Dollar and affecting Gold, which is falling for the third consecutive day.
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