Gold steadies as U.S. dollar rally takes a breather
Thursday, 26 September 2019 19:33 WIB |
PRECIOUS METALS |GOLDEMASSILVER
Gold futures traded little changed on Thursday, stabilizing a day after a surge by the U.S. dollar sent the precious metal skidding.
Gold for December delivery on Comex edged up $1.10, or 0.1%, to $1,513.40 an ounce, while December silver fell 15.3 cents, or 0.8%, to $17.92 an ounce.
Gold fell $27.90, or 1.8%, on Wednesday, its biggest one-day decline since Sept. 5. The ICE U.S. Dollar Index posted its biggest one-day rise in around three months on Wednesday, while U.S. stocks and bond yields rose, dulling demand for gold.
A stronger dollar can be a negative for currencies priced in the commodity as it makes them more expensive to users of other currencies. The dollar index was little changed early Thursday. Rising bond yields can also be a negative, increasing the opportunity cost of holding nonyielding assets like commodities. Treasury yields were slightly lower on Thursday.
Source : MarketWatch