Gold futures ends at its lowest settlement in a month
Bullion prices ended lower at Comex on Wednesday, 09 Seotember 2015 at Comex. Gold futures logged their lowest settlement in a month on Wednesday, as a rise in Asian and European equities and strength in the U.S. dollar lured investors away from the precious metal. Asian and European stocks rallied, while U.S. stocks were trading lower by the Comex settlement in the wake of their second-best rally of the year.
Gold for December delivery gave up $19, or 1.7%, to settle at $1,102 an ounce on Comex. Gold prices have fallen 10 out of the last 12 sessions. That doesn't include Monday, which didn't see a Comex settlement price because of the Labor Day holiday.
December silver settled with a loss of 17.9 cents, or 1.2%, at $14.576 an ounce.
The key outside markets were also in a bearish daily posture for the precious metals on Wednesday. Nymex crude oil futures were lower. There are still technical clues crude oil has put in a near-term market bottom. But the crude oil bulls need to step up and show fresh power very soon to keep those clues relevant. The other outside market saw the U.S. dollar index firmer. Trading in the USDX has been choppy recently.
China's Shanghai stock index closed up 2.3% on Wednesday after the Chinese government announced late Tuesday it would implement further measures to stimulate its flagging economy. Focus of the marketplace is looking ahead to next week's Federal Open Market Committee (FOMC) meeting. Appetite for risk combined with a stronger dollar as measured by the U.S. ICE Dollar index weighed on the dollar-denominated yellow metal.
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