Business & Investment

Gold futures will fall day and week, but pace faster towards the rise in October

Gold futures on Friday were declining to end the week with a slight loss, but bullions were also purchased due to rising inflation and concerns about uneven recovery from the COVID-19 pandemic. We were on track for a sharp weekly rise.

Yellow metal is often perceived as a hedge against price pressure.

December gold
GCZ21,
-1.24%

GC00,
-1.24%

After settling 0.2% on Thursday, it was trading at $ 1,789.50 an ounce, down $ 13.10 (0.7%). Precious metals fell 0.4% a week, but so far have risen 1.8%, and are on track for the strongest monthly rise since July.

Gold has struggled to maintain grip on perches over $ 1,800. This is a psychologically important level and is now considered a resistance to precious metals.

The movement of the US dollar, where precious metals are priced, has been blamed on recent metal instability and range-bound transactions.

“Gold prices were above the $ 1800 level, but we couldn’t move towards breakout levels again,” wrote Peter Cardillo, chief market economist at Spartan Capital Securities, in his diary. .. “The inability to sustainably rise beyond the $ 1850 area suggests a capped market that is not yet ready to overcome the strong dollar,” the economist wrote.

“In the short term, we can see that this year’s repetitive movements are continuing. In other words, the range of transactions that will not collapse or collapse,” Cardillo wrote.

Silver for December delivery
SIZ21,
-0.81%

SI00,
-0.81%
,
Meanwhile, it was trading at 24 cents (1%) lower, but reached $ 23.89 per ounce after falling 0.3% a day ago. However, gold sister metals have been declining 2.3% a week and commodities were ready to rise 8.3% in October. As silver futures continue to rise, they will record a monthly surge since May.

Gold futures will fall day and week, but pace faster towards the rise in October

http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-771C-FE7F211CEC71%7D&siteid=rss&rss=1 Gold futures will fall day and week, but pace faster towards the rise in October

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