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