Home Business New York Gold Market: Gold closed $ 11.2 | RYT9

New York Gold Market: Gold closed $ 11.2 | RYT9

by news dir

The New York gold futures fell for two consecutive trading days last night (29 Oct), pressured by the dollar’s appreciation. And from the fact that investors sell gold as a safe asset After the US released strong economic data. This includes the record third quarter gross domestic product (GDP) growth.

COMEX (Commodity Exchange) gold contract for delivery in December. It was down $ 11.2, or 0.6 percent, to $ 1,868 an ounce. Which is the lowest closing level since 25 Sep 2020

Silver metal contract for delivery in December It rose 0.1 cents, or 0.004 percent, to $ 23.36 an ounce.

Platinum contract delivered in Jan. It was down $ 25.5, or 2.91%, to $ 849.5 an ounce.

Palladium contract delivered in December. It was down $ 52.10, or 2.3%, to $ 2,198,50 an ounce.

Investors sell gold as a safe haven. After the US released strong economic data. The Commerce Department said Q3 GDP grew 33.1%, the highest growth ever since the US began collecting data in 1947, or more than 70 years earlier. It grew better than analysts had expected at 32%, driven by the government’s easing of lockdown measures. Which led to an open economy And began to be employed After the US shut down the previous economy to curb the spread of COVID-19.

The US Department of Labor said the number of first-time jobless applicants dropped for a second straight week, dropping to 751,000 last week. That is the lowest level since March 14 and below analysts’ estimate of 778,000.

The gold contract was also pressured by the strength of the dollar. By dollar index The dollar’s movement index against the six major currencies in the basket rose 0.58 percent to 93.9493 last night.

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The strength of the dollar makes the gold contract, which is priced in dollars. More expensive And less attractive to investors holding other currencies

Analysts at Axi said the dollar strengthened strongly against the euro. The euro has come under pressure from concerns about a new round of lockdown measures in Europe to prevent the spread of COVID-19.


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