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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InIn a move reflecting shifting dynamics in global markets, precious metals faced significant selling pressure as rising Treasury yields and a stronger U.S. dollar weighed on sentiment. According to reports, spot gold prices dropped 1.98% to reach approximately $4,047.80 per ounce during late U.S. trading on Thursday. This decline occurred as macroeconomic headwinds outweighed safe-haven demand, despite ongoing geopolitical tensions between the U.S. and Iran.
The broader market context reveals that silver followed gold's lead, falling 3.46% to trade near $57.64, further pressured by a spike in crude oil prices. Per market data, major equity indices also retreated, with the S&P 500 losing 1.2% and the Nasdaq Composite declining 2.2%, highlighting a broader shift in investor positioning amid volatile yield environments.
Technically, traders are watching gold's immediate support at $4,039.40, as a sustained move below this level could jeopardize the metal's short-term recovery. While current price data is unavailable for the immediate close, market participants are looking back at recent catalysts such as the Michigan Consumer Sentiment index, which reached 54.4 on July 17, as they gauge future inflation expectations and dollar strength.