Gold futures are testing the crucial $1,200 threshold to kick off the
December gold futures tumbled $5.70, or 0.47%, to $1,200.89 per ounce at 13:04 GMT on Tuesday. Last week, gold prices recorded a weekly loss of about 1%, adding to their
Silver, the sister commodity to gold, is also sliding and is nearing $14. December silver futures fell $0.34, or 2.38%, to $14.21 an ounce. The white metal, which suffered a weekly drop of just under 5%, endured a 7.1% decrease in August.
The yellow metal’s descent is being driven by the US dollar on Tuesday as the greenback spiked 0.4% to 95.56. With emerging markets and their respective currencies taking a nosedive, investors are pouring into the US dollar as a
Investors will pay attention to Supreme Court nominee Brett Kavanaugh’s upcoming 17-hour testimony before the Senate Judiciary Committee. Although it may not have much of an impact on financial markets, experts still contend that it will add to the growing political turmoil in Washington since it is expected Democrats will automatically oppose his nomination.
Gold has been unable to benefit from exacerbated trade fears after the US government threatened to slap $200 billion tariffs on China.
For the remainder of the week, traders will comb through a plethora of economic reports, including the August employment report, weekly jobless claims, motor vehicle sales, manufacturing data, and the July trade deficit.
In other metal markets, December copper futures cratered $0.075, or 2.8%, to $2.5965 per pound. December platinum futures plunged $16.10, or 2.05%, to $771.00 an ounce. December palladium futures crashed $21.70, or 2.24%, to $948.20 per ounce.
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