- Gold drops 0.90% as commodities face widespread pressure.
- US Treasury yields fall seven basis points, but the Greenback gains marginally, with the DXY up 0.04% to 104.08.
- US JOLTS data hit three-year low, showing economic slowdown alongside below-estimate Durable Goods Orders.
Gold prices retreat some 0.90% in the mid-North American session on Tuesday, amid a risk-off impulse and despite falling US Treasury bond yields. The latest tranche of US economic data shows the economy is slowing down, warranting lower interest rates. Despite that, the XAU/USD trades with losses and exchanges hands at $2,328.
The golden metal has fallen below $2,350 a troy ounce as commodities plunges across the board. Oil prices were under heavy pressure earlier amidst fears that the global economy might grow at a slower pace, which could dent demand for crude.
US Treasury yields, which usually correlate inversely to Gold prices,…
