GOLD 1day overview
Gold fell below $1,830 an ounce on Tuesday, sinking to its weakest levels in seven months due to constant pressure from a strong dollar and surging Treasury yields. The dollar scaled fresh ten-month highs against a basket of peers and the 10-year US yield rallied to its highest levels since 2007 as strong US economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer. The ISM Manufacturing PMI for the US released Monday indicated the smallest contraction in factory activity in nearly a year for September. Additionally, news that US lawmakers arrived at a temporary agreement over the weekend that would keep the government funded for 45 more days pressured the metal further. Investors now look ahead to comments from various Fed officials this week for additional insights into the central bank’s policy plans, as well as the key US monthly jobs report on Friday.
Gold is mostly traded on the OTC London market, the US futures market (COMEX), and the Shanghai Gold Exchange (SGE). The standard future contract is 100 troy ounces. Gold is an attractive investment during periods of political and economic uncertainty. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. The biggest producers of gold are China, Australia, the United States, South Africa, Russia, Peru, and Indonesia. The biggest consumers of gold jewelry are India, China, the United States, Turkey, Saudi Arabia, Russia, and the UAE. The gold prices displayed in Trading Economics are based on over-the-counter (OTC) and contract-for-difference (CFD) financial instruments. Our gold prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
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Gold is mostly traded on the OTC London market, the US futures market (COMEX), and the Shanghai Gold Exchange (SGE). The standard future contract is 100 troy ounces. Gold is an attractive investment during periods of political and economic uncertainty. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. The biggest producers of gold are China, Australia, the United States, South Africa, Russia, Peru, and Indonesia. The biggest consumers of gold jewelry are India, China, the United States, Turkey, Saudi Arabia, Russia, and the UAE. The gold prices displayed in Trading Economics are based on over-the-counter (OTC) and contract-for-difference (CFD) financial instruments. Our gold prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
If you like it, hit the like button and share your charts in the comments section.
Thank you.
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