Largest one-day loss in more than two weeks for gold
Bullion prices ended lower on Monday, 19 October 2015 with traders attributing the largest one-day loss in more than two weeks to speculators locking in profits scored during a run-up that had lifted prices to a four-month high. The key outside markets were also in a bearish posture for the precious metals on this day. The U.S. dollar index was higher as the greenback made a rebound from recent selling pressure.
Gold for December delivery fell $10.30, or 0.8%, to settle at $1,172.80 an ounce on Comex. That was the largest one-day dollar and percentage decline since Sept. 30. Prices had seen a gain of 2.4% last week.
December silver also fell 27.3 cents, or 1.7%, to $15.841 an ounce but held on to a year-to-date gain.
In other news Monday, China's third-quarter gross domestic product came in at up 6.9%, year-on-year. This is the first China GDP reading below 7% in several years. However, the GDP number was slightly higher than market expectations. There were internal components of the latest economic data coming from China that remain troubling, such as industrial output and fixed-asset investment.
China's Shanghai stock index finished slightly lower on the day on Monday, while the rest of Asia's stock markets were mixed.
Economic data at Wall Street was limited to the NAHB Housing Market Index for October, which rose to 64 from a downwardly revised 61 (from 62) while the consensus expected the reading to come in at 62. Tomorrow's economic data will be limited to September Housing Starts (consensus 1.15 million) and Building Permits (consensus 1.17 million) with both data points set to cross at 8:30 ET.
Powered by Capital Market - Live News
