Gold Futures Fell On Thursday Failing to Attract Investors on its Safe Haven Status

Gold futures contract declined on Thursday the precious metal failed to further attract investors on its safe haven status. Gold futures contract for December delivery fell 2.1 percent or $34.10 to settle at $1,612.90 per ounce on Comex trading of the New York Mercantile Exchange. This was also the lowest since late September.

Senior Market strategist, Adam Klopfenstein from MF Global said that Gold is likely to remain a dead trade until it can resume its role as a fear barometer and is able to rally in face of equities weakness, he further added that, If gold can’t go back to being that fear barometer, “it will be treated as a physical commodity” entangled with other assets and with few chances for seeing significant upside in the next months.

Gold wasn’t able to attract investors despite weakening dollar. The dollar index DXY which tracks the greenback’s movement against its six major rival currencies fell to 76.958 on Thursday as compared to 77.152 on Wednesday’s North American trading session.

Among other based metals, copper futures contract for December delivery also fell $0.20 or 6.2 percent to $3.06 per pound. Silver futures contract for December delivery declined $1 or 3.2 percent to $30.28 per ounce.

Platinum futures contract for January delivery plunged 2.2 percent or $32.70 to $1,490.40 per ounce while its sister metal palladium for December delivery slipped 3.9 percent or $24 to $584.40 per ounce.

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