On Friday (August 15), during the Asian market's early session, spot gold rose slightly, currently reported around $3339 per ounce. Gold prices fell sharply on Thursday (August 14), as the U.S. July PPI data was hotter than expected, coupled with a drop in initial jobless claims last week, which weakened the market's huge bets on a rate cut by the Federal Reserve. The dollar and U.S. Treasury yields rose together, also hitting gold prices.
Spot gold closed on Thursday down by $20.69, ending at $3335.33 per ounce. The U.S. dollar index rebounded 0.5% from a two-week low, reducing gold's appeal to buyers holding other currencies. The 10-year U.S. Treasury yield recovered from a one-week low.
