# Gold settles back above $1,900 an ounce
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Gold settles back above $1,900 an ounce
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Gold futures finished higher on Wednesday to recoup much of their loss from a day earlier when bullion sank below a psychologically significant level at $1,900 an ounce.
The precious metal recouped some of its recent losses “in response to a decline in the U.S. dollar and anticipation there will be no stimulus before the U.S. election,” said Jeff Wright, executive vice president of GoldMining Inc.
Weakness in the currency provided support for dollar-denominated gold prices. The ICE U.S. Dollar Index DXY traded down 0.2% in Wednesday dealings.
The dollar also saw pressure in the wake of comments from Federal Reserve Vice Chairman Richard Clarida
December gold
GOLD,
GCZ20,
rose $12.70, or 0.7%, to settle at $1,907.30 an ounce, a day after tumbling 1.8% on Tuesday.
Silver for December delivery
SI00,
SIZ20,
meanwhile, gained 27 cents, or 1.1%, at $24.395 an ounce, following a 4.5% skid for gold’s sister metal in the previous session.
For gold, we are just waiting for a clear cut catalyst and yes, the dollar and any updates on the stimulus negotiations [have] the biggest influence on the price as of now,” said James Hatzigiannis, chief market strategist at Ploutus Capital Advisors.
Gold enthusiasts also point to uncertainties around the 2020 presidential race between President Donald Trump and former Vice President Joe Biden and a lack of clarity around the prospects for economic growth amid the viral outbreak as factors that have buttressed gold prices despite steep periodic drawdowns.
Wright said he believes “gold is range bound for next month or so, and still awaiting election results.”
A Democrat win is likely to “send gold much higher and panic equity markets at same time,” he said.
Among other metals, December copper
HGZ20,
tacked on 0.2% to $3.0505 a pound. January platinum
PLF21,
shed 1.1% to $863.40 an ounce, but December palladium
PAZ20,
settled at $2,366.30 an ounce, up 0.9%.
By
Myra P. Saefong,
and
Mark DeCambre
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