Off the wire
• WTO expects slowest trade growth in 2016 since financial crisis  • Algeria holds talks over oil market with Saudi, Iran  • Sudan backs deployment of protection force in S. Sudan  • Albania's second-tier banks write-off 32 bln leks lost loans in 18 months  • Morocco, Boeing agree to set up industrial ecosystem  • School meals for nearly 180,000 children in Mali at risk, UN food agency warns  • 4th Arab-Chinese Universities Forum concludes in Amman  • Lithuania holds first cyber security exercise  • Russia discusses crude oil market with global producers in Algiers  • Slovakia contributes to training of Libyan coast guard: minister  
You are here: 　 Home

Gold down on U.S. debate results

Xinhua, September 28, 2016 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as traders reacted to the results of the first U.S. presidential debate.

The most active gold contract for December delivery fell 13.7 U.S. dollars, or 1.02 percent, to settle at 1,330.4 dollars per ounce.

Gold was put under extensive pressure as analysts said U.S. presidential candidate and former businessman Donald Trump performed poorly against former U.S. Secretary of State Hillary Clinton during the U.S. presidential debate on Monday night.

Traders had originally moved to the precious metal for its safe haven properties, wagering bets that Clinton would perform poorly, but instead many believe that Trump performed poorly and as a result, the precious metal stabilized and traders liquidated their long positions.

The precious metal was put under further pressure as a report released by the U.S.-based Conference Board showed consumer confidence increasing to a 104.1 level which analysts note was not only nearly two points higher than the high point of the consensus range, but is also at a nine year high. This sign of economic strength further drove traders away from the precious metal's safe haven properties.

The U.S. Dollar Index rose by 0.12 percent to 95.41 as of 19:00 GMT. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Traders are looking to the week ahead for several Fed speeches on Wednesday and Thursday, as well as the durable goods orders on Wednesday, gross domestic product, international trade in goods, and weekly jobless claims on Thursday, along with the personal income and outlays report on Friday.

Silver for December delivery fell 43.1 cents, or 2.2 percent, to close at 19.165 dollars per ounce. Platinum for October delivery dropped 17.7 dollars, or 1.7 percent, to close at 1,025.2 dollars per ounce. Enditem