World Gold Prices Fell Off, This Is The Cause
Price of gold futures in the COMEX division of the New York Mercantile Exchange fell at the end of trading on Friday (10/11/2019) local time.
The decline in precious metal prices was pressured by rising stocks on Wall Street, thus eroding the appeal of gold as a safe haven asset.
The most active gold price contract for December delivery fell 12.2 dollars, or 0.81 percent, to close at 1,488.7 dollars per ounce.
On Wall Street the Dow Jones Industrial Average closed up 319.92 points 1.21 percent. Then the S&P 500 Index 1.09 percent and the Nasdaq Composite Index rose 1.34 percent.
The greening of the US stock market is supported by the existence of an agreement in the US-China negotiations so as to ease the tension of trade war between the two countries with the largest economy in the world.
Gold prices usually move in the opposite direction to the US stock market. When the stock market is rising, investors may stop buying safe-haven assets, in this case gold, because they divert their funds to risky assets such as stocks.
As for other precious metals, silver for December delivery lost 5.8 cents, or 0.33 percent, to 17,544 dollars per ounce.
While platinum for January delivery fell 7.6 dollars, or 0.84 percent, to 900.3 dollars per ounce. (*)
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