New York Gold Futures End Positive Amid Weakening Dollar

New York gold futures closed on a positive note on Thursday, ⁤September 26, as the weakening dollar supported buying pressure. The COMEX gold contract for December rose $10.20 or 0.38% to close at $2,694.90/oz.

The dollar index, which measures the dollar’s movement against six major currencies, fell 0.39% to 100.522, ‌making gold contracts more attractive to investors holding other currencies.

Gold prices were also supported by the downward trend‍ in interest rates. CME Group’s FedWatch Tool indicates that investors are ‌putting⁣ 62.8%⁢ pressure on the Fed to cut interest rates by 0.50% to a range of ​4.25-4.50% at its November meeting.

Silver⁤ prices rose in response to ⁣China’s ongoing economic stimulus measures. The Political Bureau of the Communist Party ‍of⁢ China (Politburo) recently pledged to increase​ fiscal spending to achieve China’s economic growth goals ⁢and stem the collapse of the real estate sector.

Investors ⁤are ‌keeping an eye on ⁤the release of the Personal Consumption⁤ Expenditure⁢ (PCE) price index for August in the US. The ​PCE index is the Fed’s main measure of ⁣inflation, covering the prices of goods and services more widely‍ than the Consumer Price Index (CPI).

Precious Metal Prices

• Gold: Up $10.20 or 0.38% to close at $2,694.90/oz.
• Silver: Up 32.3 cents, ⁢or 1.01%, to close at $32.341/ounce.
• Platinum: Increased $20.90 or 2.09% to close at $1,022.20/oz.
• Palladium: Up $12.80 or 1.23% to close at $1,051.20/oz.

By Rattana Phongtawich