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Marketwatch reported that prices for gold futures fell for the third day in a row, in part due to the rising US dollar.
Marketwatch reported that prices for gold futures fell for the third day in a row, in part due to the rising US dollar.
As quoted in the publication:
Gold for December delivery fell $13.70, or 1.2%, to settle at $1,124.60 an ounce on Comex on the heels of the losses in the past two sessions. The precious metal logged its lowest settlement since Aug. 18.
“What we are seeing in gold now appears to be a consolidation phase, but I would only like to start to draw conclusions on the gold and other markets once the dust has settled,” said Julian Phillips, founder of and contributor to GoldForecaster.com.
On Wednesday, Beijing announced new stimulus measures, saying it would inject more liquidity into its sluggish economy — $21.8 billion — a day after announcing that it would cuts its benchmark interest rate.
U.S. equities and the U.S. dollar have reacted positively to that news, which has put some pressure on gold.
