Gold Futures Settle Lower after a Strong Rally

Gold futures witnessed correction on Thursday as the investors went of profit taking. Gold futures contract for February delivery fell 0.6 percent or $10.50 to settle at $1,739.80 on Comex trading of the New York Mercantile Exchange. Gold futures rallied on earlier session in reaction to positive move of central banks around the globe to switch their credit line bringing the borrowing cost lower.

However, analysts were of the opinion that precious metals reached their resistance level and further price appreciation was indigestible. Head trader, Matt Zeman from Kingsview Financial in Chicago commented, “We’re in no-man’s land, People are still digesting the rally on Wednesday and weighing how gold will be impacted by the central banks’s action.”

Other base metals also followed the gold movement and ended lower. Copper futures contract for March delivery plunged 1.2 percent or $0.04 to $3.53 per pound. Copper remained under pressure for the whole session as the China’s purchasing manager index fell to 49 in November as compared to 50.4 in prior month depicting lower demand outlook for copper.

Silver futures contract for March delivery also fell 0.1 percent or $0.05 to settle at $32.76 per ounce. Platinum futures for January delivery dropped 0.2 percent or $3.60 to $1,557.20 per ounce while March’s palladium contract gained 2.9 percent or $17.60 to $630.20 per ounce.


Most Popular Content

Currency Articles - May 22, 2019 15:21 - 0 Comments

The Pound is in Freefall – When Will It Stop?

More In Currency Articles

Gold and Oil News - Mar 30, 2024 10:37 - 0 Comments

Gold Flying and Making New All Time Highs

More In Gold and Oil News

Shares and Markets - Oct 14, 2023 19:01 - 0 Comments

U.S. Stock Indices: A Dance Between Optimism and Fear

More In Shares and Markets