Gold prices firmed above the key $1 800-level on Tuesday as investment demand strengthened, with a weak US dollar and Treasury yields offering further support.
Spot gold rose 0.6% to $1 806.32 per ounce by 10:38 GMT. US gold futures climbed 0.6% to $1 807.40.
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A weaker dollar is helping gold along with “good uptake yesterday on the ETF side that took us through the magic $1 800 level,” independent analyst RossNorman said.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to the highest levels since mid-August on Monday.
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“Gold is an engine that is not firing on all cylinders at the moment,” Norman said, adding that retail demand is performing powerfully while “central banks are misfiring, and institutional demand comes in fits and starts.”
Helping bullion recover from 1-1/2 month lows hit last week, the dollar index eased off multi-month peaks against its rivals, supporting demand for the greenback-priced bullion among buyers holding other currencies.
Yields on the benchmark US 10-year treasury note eased to a one-week low, buttressing non-interest paying gold.
However, the US non-farm payroll data due later this week is important as any signs of weak hiring and strong wage growth may significantly embolden market expectations of a hawkish US Federal Reserve and, in turn, pressure gold to go lower, DailyFX currency strategist IlyaSpivak said.
Fed policymakers say they’ll raise interest rates in March but spoke cautiously on Monday about what might follow, signalling a desire to keep options open in the face of an uncertain outlook for inflation and a pandemic still ongoing.
Spot silver was up 1.5% at $22.76 an ounce, and platinum gained 1.9% to $1 037.00.
Palladium rose 1.3% to $2 381.31, but was trading below its highest levels since early September reached on Monday.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
