Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 10 mins.Sep 23, 2020 11:50 NY Time
| Bid/Ask | 1864.10 / 1865.20 | |
| Low/High | 1863.20 / 1895.20 | |
| Change | -36.00 | -1.89% |
| 30daychg | -64.50 | -3.34% |
| 1yearchg | +342.50 | +22.51% |
| Alerts Charts |
Silver Price & PGMs
Sep 23, 2020 11:50 NY TimeKitco 10AM Silver Fix
| Silver | 22.98 | -1.39 |
| Platinum | 848.00 | -16.00 |
| Palladium | 2140.00 | +47.00 |
| Rhodium | 11100.00 | 0.00 |
(Reuters, Wed. Sep. 23rd, 2020) – Silver falls as much as 5.6% to a two-month low
* Platinum hits 2 month-low
* Stimulus pessimism has curbed inflation expectations- analyst
Sept 23 (Reuters) – Gold slid more than 1% to a six-week low on Wednesday, as the dollar extended its rally, while a lack of additional stimulus to aid the recovery of the coronavirus-battered global economy further weighed on sentiment.
Spot gold was down 0.6% at $1,887.35 per ounce at 0913 GMT after it dipped 1.4% to touch its lowest since Aug. 12 at $1,873.01 earlier in the session. U.S. gold futures were down 1.2% at $1,885.60 per ounce.
“As long as we see strength in the dollar, then undoubtedly we are also going to see gold struggle,” said Saxo Bank analyst Ole Hansen, adding that the break below $1,900 sparked some nervousness and short-selling in the market.
Gold has turned “passive”, having priced all of the favourable factors already, and now needs inflation to emerge and a weaker dollar to attract renewed demand, he added.
Positive U.S. economic data and concerns over surging coronavirus infections in Europe and Britain pushed the dollar index to an eight-week high, dimming the appeal of bullion as a dollar alternative.
Comments from Chicago U.S. Federal Reserve President Charles Evans, who said interest rates could be raised before inflation averages 2%, also weighed on sentiment by weakening inflation expectations and lifting U.S. real yields.
Non-yielding gold is often seen as a hedge against inflation and currency weakening.
“We are also seeing a slight pessimism about U.S. fiscal stimulus and that has probably curbed inflation expectations just a little bit,” said IG Markets analyst Kyle Rodda.
The market is still expecting policy changes that could bolster gold over time but that is a longer-term view, he added.
Silver fell 3.3% to $23.62 per ounce, having hit a nearly two-month low of $23.04 earlier in the session.
Platinum fell 0.6% to $861.39 per ounce, earlier touching its lowest since July 21 at $845.50 and palladium rose 0.9% to $2,240.60.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com