The spot gold price posted slight gains during Asian morning trading on Tuesday October 24 as the dollar halted its climb.
The spot gold price was quoted at $1,282.15-1,282.50 per oz as of 05:10 BST, up $0.33 from the previous session’s close. Trade has ranged from $1,280.35-1,283.70 so far today. The price had dipped as low as $1,272.40 on Monday, the lowest since October 6.
- The dollar index eased on Tuesday after rallying the past few trading days to as high as 94.02 on Monday, the highest since October 6, supported by a rise in US Treasury yields and progress in tax reforms.
- Gold prices had come under pressure from a stronger dollar and lack of haven buying after the election victory for Japanese Prime Minister, Shinzo Abe, on October 22, ANZ Research said on Tuesday morning.
- “A sell-off in the dollar late on Monday saw investors return to the market,” the bank added.
- “Having failed to hold $1,300 [per oz] over the past two weeks, the [gold] price now looks to be headed to the $1,256 lows from the beginning of the month,” Chris Beauchamp, market analyst at IG, said.
- A close above $1,300 per oz for gold is needed to reverse the negative outlook, he added.
Silver, PGMs
- In the other precious metals, the spot silver price gained $0.045 to $17.11-17.13 per oz. Platinum rose $4 to $926-931 per oz and palladium gained $12 to $965-970 per oz.
- On the Shanghai Futures Exchange, gold for December delivery was recently at 276.05 yuan ($41.59) per gram, and the December silver was at 3,895 yuan per kg.
Currency moves and data releases
- The dollar index fell 0.1% to 93.74 at 05:10 BST. The index had risen as high as 94.02 on Monday, the highest since October 6.
- In other commodities, the Brent crude oil spot price climbed 0.24% to $57.44 per barrel at 05:12 BST.
- In equities, the benchmark Shanghai Composite Index rose 0.08% to 3,383.24.
- In data on Monday, EU consumer confidence for October came in at -1, while within expectations, a number below zero depicted pessimism among consumers.
- The economic agenda is light today with mainly China’s CB leading index and the USA’s flash manufacturing and flash services purchasing managers’ index of note.
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Source: Bullion Desk News
