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Gold Declines for Third Day, Still Heads to Monthly Gain

October 31, 2018 at 19:17 by Vladimir Vyun

Futures for gold fell for the third consecutive session today, meaning that the precious metal was falling every single day of this week. Nevertheless, the commodity was heading for the first monthly gain after seven straight months of decline.

Gold declined after the US employment report showed an increase that exceeded analysts’ forecasts. Additionally, big gains of stocks around the world reduced demand for the metal as a safe haven. Over the whole month, the stock market was extremely volatile, and that drove investors to the safety of gold, explaining the monthly gains of the commodity.

Futures for delivery of bullion in December declined 0.78% to $1,215.7 per troy ounce as of 18:54 on COMEX today. The most-actively traded contract for gold lost as much as 1.26% of its value to trade at $14.28 per ounce. At the same time, spot price for platinum was little changed at $837 per ounce, and palladium gained 0.5% to $1,082.9 per ounce.

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