Gold Down on Bearish Outside Markets; Lack of Safe-Haven Demand Frustrates Bulls-Shanghai Metals Market

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Gold Down on Bearish Outside Markets; Lack of Safe-Haven Demand Frustrates Bulls

Industry News 03:39:44PM Sep 23, 2015 Source:SMM

By  Paul Ploumis 23 Sep 2015  Last updated at 03:38:27 GMT

Gold bullion ended moderately lower on the US day session Tuesday.

(Kitco News) - Gold prices ended the U.S. day session moderately lower Tuesday, as a rallying U.S. dollar index early this week is prompting selling pressure in gold and silver markets. Crude oil prices also led a general downturn in the raw commodity sector Tuesday, amid keener risk aversion in the market place. The fickle gold market on this day decided to act like a raw commodity instead of a safe-haven asset. December Comex gold was last down $8.10 at $1,124.50 an ounce. December Comex silver was last down $0.461 at $14.76 an ounce.

It was a risk-off day in the market place Tuesday, as U.S. stock indexes were sharply lower amid ongoing concerns about anemic world economic growth and the uncertainty regarding when the next U.S. interest rate hike from the Federal Reserve will occur. Several Fed officials said in remarks Monday the U.S. central bank should raise its Fed funds rate yet this year.

European stock markets were also weaker Tuesday. Asian stock markets finished firmer, with China’s Shanghai stock index up 0.9% on the day. Other Asian stock markets also closed firmer Tuesday. Asian traders are awaiting a manufacturing report from China due out Wednesday. There was also an upbeat mood in China markets as the Chinese premier visits the U.S. this week.

The London P.M. gold fix today was $1,122.90 versus the previous London A.M. fixing of $1,129.30.

Courtesy: Kitco News


Gold Down on Bearish Outside Markets; Lack of Safe-Haven Demand Frustrates Bulls

Industry News 03:39:44PM Sep 23, 2015 Source:SMM

By  Paul Ploumis 23 Sep 2015  Last updated at 03:38:27 GMT

Gold bullion ended moderately lower on the US day session Tuesday.

(Kitco News) - Gold prices ended the U.S. day session moderately lower Tuesday, as a rallying U.S. dollar index early this week is prompting selling pressure in gold and silver markets. Crude oil prices also led a general downturn in the raw commodity sector Tuesday, amid keener risk aversion in the market place. The fickle gold market on this day decided to act like a raw commodity instead of a safe-haven asset. December Comex gold was last down $8.10 at $1,124.50 an ounce. December Comex silver was last down $0.461 at $14.76 an ounce.

It was a risk-off day in the market place Tuesday, as U.S. stock indexes were sharply lower amid ongoing concerns about anemic world economic growth and the uncertainty regarding when the next U.S. interest rate hike from the Federal Reserve will occur. Several Fed officials said in remarks Monday the U.S. central bank should raise its Fed funds rate yet this year.

European stock markets were also weaker Tuesday. Asian stock markets finished firmer, with China’s Shanghai stock index up 0.9% on the day. Other Asian stock markets also closed firmer Tuesday. Asian traders are awaiting a manufacturing report from China due out Wednesday. There was also an upbeat mood in China markets as the Chinese premier visits the U.S. this week.

The London P.M. gold fix today was $1,122.90 versus the previous London A.M. fixing of $1,129.30.

Courtesy: Kitco News