Gold Prices Fall as Rising U.S. Yields and Stronger Dollar Weigh

SEATTLE (Scrap Monster): Gold had a rough week—prices dropped more than they have since March.

Attention was centered on the Trump-Xi summit, with markets initially optimistic about progress toward a possible U.S.-Iran peace agreement, but those expectations quickly faded as no meaningful breakthrough emerged. Furthermore, stronger U.S. inflation numbers drove bond yields up across the world, and it hurt gold big time.

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The LBMA Gold Price PM slid 4.5% down to $4,528 an ounce, so its year-to-date gain shrank to just 3.7%. On top of that, India made a big move—raising its gold import duty all the way from 6% to 15%, undoing its previous cut from July. The move is aimed at protecting its foreign exchange reserves during a messy geopolitical moment and a shaky rupee.

Investors reacted in different ways. In Asia, investors pulled back from gold ETFs. But over in North America, investors poured more cash into gold ETFs.

Looking at the technicals, gold still can’t break past resistance at its 55-day moving average—around $4,770. If gold drops below $4,501 and stays there, analysts think we’ll see it test the support at the 200-day moving average near $4,342. Resistance is tough between $4,770 and $4,774 per ounce.