Gold futures rebounded to finish the trading week, but their gains were not enough to avoid recording a monthly loss. A strengthening US dollar, a lack of a fiscal stimulus bill, and a spike in coronavirus cases contributed to the yellow metal’s drop in October. With the presidential election days away, how will gold perform in November?
December gold futures picked up $11.30, or 0.6%, to $1,879.30 per ounce at 18:04 GMT on Friday on the COMEX division of the New York Mercantile Exchange. The yellow metal suffered a 1.25% weekly decline, as well as a 1.3% decrease in October.
Silver, the sister commodity to gold, also ended the trading week higher. December silver futures surged $0.275, or 1.18%, to $23.635 per ounce. The white metal did slide 4.3% this week, adding to its monthly slump of 1%. So far this year, silver prices remain up 32%.
Gold, traditionally a
With the US central bank relatively quiet, and Fed officials urging fiscal stimulus, the consensus is that the Eccles Building has abdicated its responsibility to rescue the world’s largest economy in the fallout of the public health crisis.
But a rising greenback may have been the ultimate factor for the metal commodities’ disappointing performance this month. The US Dollar Index, which gauges the greenback against a basket of currencies, rose 0.1% to 94.05, from an opening of 93.92. The index is poised for a weekly surge of 1.4%, as well as a monthly jump of 0.23%. Over the last three months, the DXY has gained 0.75%. Still,
On the data front,
On Tuesday, Americans are going to the polls, and nearly all the measurements suggest former Vice President Joe Biden will defeat President Donald Trump in a landslide. The broader financial markets seem mixed on a potential Biden administration, but it might be a boon for gold and silver since his administration would lead to a dramatic spike in spending.
In other metal markets, December copper futures dipped $0.008, or 0.28%, to $3.048 a pound. December platinum futures fell $2.90, or 0.34%, to $846.60 an ounce. December palladium futures declined $11.40, or 0.52%, to $2,209.89 per ounce.
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