New York Gold Market ⁢Sees Fifth‌ Consecutive Day of Gains

New York gold futures closed‍ on‌ a positive note for the fifth consecutive‌ day on Tuesday,‍ September ⁢24, supported by a weakening dollar and the tense situation in the Middle East, which has led to increased buying of gold as a safe haven asset.

Market‌ Performance

• The COMEX (Commodity Exchange)​ gold contract for December delivery rose $24.50‍ or⁤ 0.92% to close at $2,677.00/oz.
• The December money⁢ agreement increased​ $1.345 or 4.33%‌ to close at $32.43/oz.
• The January platinum contract was ⁣up $25.40 or 2.61% to close at $998.50/oz.
• The December palladium contract rose $15.00 or ‌1.44% to close at $1,060.10/oz.

Factors Influencing the Market

The dollar index, which ⁤measures ‌the dollar’s movement against six major currencies, fell 0.38% to 100.466, ‍making gold contracts ​more attractive to investors holding other currencies.

The ongoing situation in the Middle East ⁣has also led to ‌increased buying of gold as a safe haven ⁢asset. The Israel Defense Forces (IDF) recently revealed that the Israeli army had killed Ibrahim Muhammad Qabisi, the head of Hezbollah’s Rocket and Missile Force, along​ with several ‌military commanders.

The Lebanese Ministry⁤ of ‍Health reported that the death toll‌ had risen to‍ 558,⁣ including 50 ‌children ​and ⁣94 women, while‍ 1,835 people were injured in Israeli⁢ warplane strikes in southern ⁢and ⁢eastern Lebanon.

Upcoming Economic Indicators

Investors will be keeping a close eye on the release of the US Personal Consumption Expenditure‍ (PCE) price index on​ Friday. The PCE index is a ⁣measure of inflation that the⁢ Federal Reserve (Fed) closely monitors, as​ it can detect changes in consumer behavior and covers a broader range‍ of goods and services than the Consumer Price Index (CPI).

By Rattana Phongtawich