Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Commodities  >  Gold       XAUUSD


SummaryMost relevantAll NewsMarketScreener Strategies

Gold languishes at 2-month low as dollar rallies

share with twitter share with LinkedIn share with facebook
09/24/2020 | 12:33am EDT

* Silver slumps as much as 5.4%

* U.S. weekly jobless claims due at 1230 GMT

* Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/

Sept 24 (Reuters) - Gold fell on Thursday to its lowest level in more than two months, crippled by a robust dollar, while investors fretted over uncertainties surrounding further stimulus measures to support a sluggish economy in the United States.

Spot gold fell 0.3% to $1,857.36 per ounce at 0747 GMT. Earlier in the session, it hit its lowest since July 22 at $1,847.99. U.S. gold futures were down 0.4% at $1,860.70.

The dollar index hit a two-month peak against rival currencies. A firmer dollar makes bullion more expensive for holders of other currencies.

"Gold can't shake off this dollar dominance, that is reverberating across all asset classes," said Edward Moya, a senior market analyst at OANDA.

Meanwhile, U.S. Federal Reserve officials tried to convince investors they will keep monetary policy easy for years to allow unemployment to fall, but analysts say immediate support is unlikely before the U.S. elections.

"The stimulus side of this trade is looking rather bleak in the short term," Moya said.

Optimism over a nascent economic recovery soured as data showed business activity in the United States and Europe cooled in September as the pandemic continued to batter activities.

"We might see gold decline to $1,800-$1,780 on the downside, but beyond that once markets start focusing on its safe-haven appeal, gold should start to rally again," said Harshal Barot, senior research consultant for South Asia at Metals Focus.

Investors are now awaiting U.S. weekly jobless claims data, due later in the day, which is expected to show claims fell slightly but remained at high levels.

Elsewhere, silver fell as much as 5.4% to $21.64, its lowest in more than two months, and was last down 2.9% at $22.21. Platinum firmed 0.5% to $842.50 per ounce and palladium was flat at $2,221.13. (Reporting by Eileen Soreng in Bengaluru; editing by Uttaresh.V and Subhranshu Sahu)

Stocks mentioned in the article
ChangeLast1st jan.
EURO / US DOLLAR (EUR/USD) -0.09% 1.18012 Delayed Quote.5.71%
GOLD 0.02% 1905.558 Delayed Quote.26.64%
SILVER -0.31% 24.6295 Delayed Quote.40.03%
THE PLATINUM GROUP PUBLIC COMPANY LIMITED 0.99% 2.04 End-of-day quote.-50.00%
share with twitter share with LinkedIn share with facebook
All news about GOLD
04:51pMaterials Up On Stimulus Bets, Copper Gains -- Materials Roundup
01:09pGold falls 1% on resilient U.S. jobs data, dollar recovery
11:07aS.Africa's Implats says workers suffer minor injuries in mine 'incident'
09:44aCopper Hovers Near 28-Month High
05:46aChrome ore producers criticize S. Africa's proposed export tax
04:00aPolyus Gold Production, Prices Push 3Q Sales Up 12% From 2Q
03:31aChina Shanghai Gold Futures Closing Prices, Volume
02:45aSiberian gold deposit is world's biggest by reserves - new estimate
10/21Materials Down As Stimulus Doubts Offset Gold, Copper Strength -- Materials R..
More news
Chart GOLD
Duration : Period :
Gold Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GOLD
Short TermMid-TermLong Term