Saturday, June 10, 2023

Gold gains 6.20 dollars as US equities drop sharply

CHICAGO (ANTARA) – Gold prices rose in late trading Friday, snapping a third straight session of losses, as US equities fell sharply after warnings of an impending global slowdown accelerated investors’ flight to safety at the weekend.

The most active gold contract for December delivery on the Comex division of the New York Exchange, gained 6.20 dollars, or 0.37 percent, to close at 1,683.50 dollars per ounce, after trading at a high of 1,689.90 dollars and a low of 1,689.90 dollars. 1,661.90 US dollars.

Gold prices slipped 2.6 percent for the week.

Gold futures fell 31.8 dollars, or 1.86 percent, to 1,677.30 dollars on Thursday (15/9/2022), after falling 8.30 dollars, or 0.48 percent, to 1,709.10 dollars on Wednesday. (14/9/2022), and slumped 23.2 US dollars or 1.33 percent to 1,717.40 US dollars on Tuesday (13/9/2022).

Gold found additional support as the preliminary September reading of the University of Michigan (UM) consumer sentiment index came in at 59.5, up from 58.2 in August.

Meanwhile, the ME survey reading of one-year inflation expectations fell to 4.6 percent in September from 4.8 percent in August, the lowest since September 2021. The five-year inflation outlook fell to 2.8 percent, falling below the 2.9 range. percent to 3.1 percent for the first time since July 2021.

The gold market is also seeing some bargain hunters because the prices are too cheap (oversold)according to market analysts.

But analysts had warned of more losses in gold after slipping below the psychological 1,700 dollar level, the level support main – earlier this week.

Investors await next week’s Federal Reserve monetary policy meeting and an interest rate hike decision. Expectations of a rate hike of at least 75 basis points by the Fed skyrocketed after US inflation showed little sign of cooling in August.

The price of another precious metal, silver for December delivery rose 11.2 cents, or 0.58 percent, to close at 19.381 dollars per ounce. Platinum for October delivery fell 2.70 dollars, or 0.30 percent, to close at 901 dollars an ounce.

Nation World News Desk
Nation World News Desk
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