Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Commodities  >  Gold       XAUUSD

GOLD

SummaryQuotesChartsNews 
SummaryMost relevantAll NewsMarketScreener Strategies

Gold rises, erasing losses as dollar retreats from highs

share with twitter share with LinkedIn share with facebook
09/28/2020 | 11:30am EDT
FILE PHOTO: Gold bars are pictured on display at Korea Gold Exchange in Seoul

Gold rose on Monday, erasing early losses as the dollar retreated from a two-month peak ahead of the U.S. presidential debates this week, although a stock market rebound capped gains in bullion.

Spot gold gained 0.3% to $1,865.32 per ounce by 10:53 a.m. EDT (1453 GMT), while U.S. gold futures added 0.4% to $1,873.

"Gold has started to recuperate losses as the dollar has eased and real rates have edged lower," said Standard Chartered analyst Suki Cooper.

"There are plenty of risk events this week for gold to take its cue from, ranging from the first of three U.S. presidential debates to unemployment and inflation data," she added.

President Donald Trump and former Vice President Joe Biden will face each other in their first presidential debate on Tuesday.

The dollar index eased 0.4% from a near two-month peak hit in the last session against a basket of currencies.

Gains in bullion were limited as the equities climbed, mainly boosted by data over the weekend showing profits at China's industrial firms grew for the fourth straight month in August.

"Gold has found a new key technical support level $1,850. You are probably seeing gold investors starting to feel a little more positive about scaling back into gold," said Edward Moya, senior market analyst at OANDA in New York.

"The fact that gold is down over a couple of hundred dollars from its record highs, investors see this as a good opportunity to get in."

Despite the gains on Monday, gold is down about 10% from a record peak of $2,072.50 hit in August. The metal posted its biggest weekly decline since March 13 on Friday.

Elsewhere, silver jumped 1.2% to $23.14 per ounce, platinum climbed 2.7% to $870.18 and palladium rose 2.2% to $2,262.90.

By Swati Verma


Stocks mentioned in the article
ChangeLast1st jan.
EURO / US DOLLAR (EUR/USD) 0.05% 1.1774 Delayed Quote.4.49%
GOLD -0.15% 1900.4 Delayed Quote.25.27%
PALLADIUM -0.09% 2347 Delayed Quote.20.62%
SILVER 0.05% 24.436 Delayed Quote.35.77%
STANDARD CHARTERED PLC 2.25% 377.4 Delayed Quote.-46.86%
THE PLATINUM GROUP PUBLIC COMPANY LIMITED -1.92% 2.04 End-of-day quote.-50.00%
share with twitter share with LinkedIn share with facebook
All news about GOLD
12:09aGold inches lower on caution over U.S. coronavirus aid
RE
10/19Global equities decline on COVID lockdown fears
RE
10/19Brazilian miner Vale hints at fourth-quarter production boost
RE
10/19Brazilian miner Vale reports rise in quarterly iron ore output
RE
10/19Gold rises on dollar dip, hopes for U.S. relief package
RE
10/19TSX flat as energy losses offset gains from materials, stimulus hopes
RE
10/19Spot gold rises about 1% to $1,918.21/oz
RE
10/19Zijin Mining Nine-Month Net Profit Jumped 52%
DJ
10/19China Shanghai Gold Futures Closing Prices, Volume
DJ
10/16Gold set for weekly decline as U.S. stimulus hopes ebb
RE
More news
Chart GOLD
Duration : Period :
Gold Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GOLD
Short TermMid-TermLong Term
TrendsBearishNeutralBullish