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Gold prices edge lower amid higher oil prices, bond yields
Gold prices edged lower on Thursday, extending a sharp selloff in the previous session, dragged down by growing bets on more Federal Reserve interest rate hikes this year.
By 09:31 ET (13:31 GMT), spot gold had fallen by 0.3% to $4,275.09 an ounce, while gold futures had declined by 0.2% to $4,310.60 an ounce.
Gold has been sensitive to the Fed’s rate outlook, as investors assess whether an energy-price shock will keep inflation elevated and require further policy tightening. Higher rates tend to weigh on gold because the metal pays no interest.
U.S. 30 year yield hits 2004-high as bond rout deepens
A historic sell-off in U.S. Treasuries eased slightly on Thursday, with benchmark yields touching levels not seen since before the 2008 global financial crisis as surging business activity, elevated energy prices, and hawkish Federal Reserve signals combined to ignite fresh inflation fears.
Bernstein unveils new gold price forecast for 2030
Bernstein has trimmed its long-term gold price forecast but stayed firmly bullish on the yellow metal, saying it can keep rising even as real interest rates climb.
Analyst Bob Brackett cut the firm's 2030 gold price forecast to $5,600 an ounce from $6,100, after interest rate expectations shifted from one or two cuts at the start of the year to two or three hikes by 2027. Real rates have risen to around 2.7% from 1.7% in early March.
Despite gold's historically negative correlation with real rates, Brackett noted that gold ETF holdings have been broadly flat this year and prices held up well after the Fed's recent hike.
Oil falls amid Mideast diplomacy hopes, Saudi export reports
Oil prices fell on Monday, weighed down by hopes for a cooling in Middle East tensions and reports of improving Gulf oil flows despite rising tensions between Iran-backed Houthis and Saudi-aligned forces in Yemen.
By 09:44 ET (13:44 GMT), benchmark Brent crude futures had fallen by 3.1% to $100.62 a barrel, while U.S. West Texas Intermediate crude futures had dropped by 3.9% to $96.38 a barrel.
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