Home/Commodities/Newsfeed

Gold Drops As Equities Rally

Share Print 0

Gold fell the most in a month in New York as equities climbed around the globe, curbing demand for haven assets.

The MSCI All-Country World Index of equities reached the highest since July 31 as the Stoxx Europe 600 Index headed for the biggest weekly gain this year and Hong Kong’s Hang Seng Index reached the highest since 2010. Gold demand fell 16 percent in the second quarter, led by declines in India and China, the World Gold Council said this week.

“Since demand for jewelry, bars and coins has proved very weak of late, overall demand for gold is again more dependent on investors,” Commerzbank AG said in a note today.

Gold for delivery in December fell 1.4 percent to $1,297.70 an ounce by 8:54 a.m. on the Comex in New York, the biggest drop since July 14. Prices climbed 0.4 percent the past three days.

Gold for immediate delivery dropped 0.8 percent to $1,303.77 an ounce in London, according to Bloomberg generic pricing.

Futures trading on Comex was about 12 percent lower than 100-day average for this time of the day, data compiled by Bloomberg show.

Platinum and palladium also dropped in New York. Silver futures dropped 1.9 percent to $19.535 an ounce. The first LBMA Silver Price to replace the fixing was $19.86 an ounce, unchanged from the last fixing yesterday.

via Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

Back to Top