Gold and crude oil prices wobbled on Thursday as market volatility again, owing to the stronger than expected US economic data. The weekly initial jobless claims (213K) and retail sales (0.3% m/m) exceed forecasts at 227k and -0.1%, respectively. In addition, front-end Treasury yields surged to a fresh yearly high, signaling hawkish Federal Reserve expectations.
Anti-fiat gold prices are vulnerable to the US Dollar and the strengthened government bond yields as the volatility correlates throughout the market. The US yield is usually sensitive to the Dollar’s strength and gains strength from its move. However, this correspondence was too much for gold to handle, and XAU/USD slid 1.89%, slipping to a new low for this year and the lowest price since April 2020.
The increasing fear of slowing global growth did not help the sensitive crude oil. The Atlanta Fed GDP’s estimate for the third quarter slid to 0.5%, down from 1.3% a week ago. Causing the crude oil to slide deeper into negative territory.
Asia-Pacific trading session market sentiments remain pessimistic, leaving gold and crude oil prices at risk. Traders are currently eyeing the University of Michigan’s sentiment ahead of the weekend. An upward tick to 60 in September from 58.2 is seen. A better outcome might increase pressure on gold and crude oil.
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