Gold futures stretch losses to a second straight session

Asia's Tech News Daily

© Patrick Hertzog/Agence France-Presse/Getty Images METALS STOCKS

Gold futures settled with a loss on Monday for a second straight session, pressured by a rise in bitcoin and some strength in U.S. Treasury yields but a retreat in most global stock markets helped to limit price losses for the precious metal.

“Continued strength in bitcoin, which climbed above the $62,000 level for the first time since April, has been a notable source of pressure on the precious metals,” analysts at Zaner wrote in a daily report Monday.

Also, “lukewarm” Chinese economic data and growing market acceptance that the Federal Reserve will begin tapering its bond purchases by the end of the year have weighed on the markets as well, they said.

December gold fell $2.60, or nearly 0.2%, to settle at $1,765.70 an ounce, following a 0.6% weekly gain on Friday, which represented the steepest weekly climb since the week ended Sept. 3.

Gold “buyers are showing strength every time that the price is getting closer to the support zone of $1,750 per ounce,” said Carlo Alberto De Casa, market analyst at Kinesis Money, in a note. However, the rebound to $1,800 last week was “probably too quick and sellers again added pressure on gold.”

The price move for bullion comes even as stocks around the globe were mostly lower. The U.S. benchmark stock indexes were mixed with the Dow Jones Industrial Average down but the Nasdaq Composite and S&P 500 moving higher, as investors struggled with the reality of higher inflation and uneven economic expansion.

Read: Global growth outlook is darkening just as the next major U.S. inflation report is about to land

The economy of one of the biggest buyers of gold also revealed further evidence of its retrenchment, weighing on precious metal values. GDP data on Monday showed that China’s economy grew 4.9% in the third quarter from a year prior, down steeply from the second quarter’s 7.9% rate. 

The gold market has had a significant selloff following its failure to clear the psychologically and technically strong level of $1,800 “with the price also breaking out of the lower band of its bullish channel,” wrote Pierre Veyret, technical analyst at ActivTrades, in a note.

He said the dynamic for gold was now bearish, with the next support level between $1,757 and $1,731, based on technical analysis.

Meanwhile, December silver  declined by 9 cents, or 0.4%, to $23.264 an ounce, after producing a 2.8% gain last week.

Trading in precious metals come as the 10-year Treasury note yield was staging a new assault on 1.6%, around its highest level since June. The U.S. dollar traded nearly flat for the session, as measured by the ICE U.S. Dollar Index, which fell last week after five consecutive weeks of gains, according to FactSet data.

Rising yields can undercut appetite for nonyielding gold and a stronger dollar can make the dollar-pegged asset comparatively more expensive to overseas buyers.

Among other metals traded on Comex, December copper shed nearly 0.1% to $4.726 a pound. January platinum lost 2% to $1,037.90 an ounce and December palladium settled at $2,013.10 an ounce, down 3.1%.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

PM Modi lauds Jai Ram govt for 100 per cent Covid vaccination

© Provided by The Statesman PM Modi lauds Jai Ram govt for 100 per cent Covid vaccination Prime Minister Narendra Modi on Monday lauded Chief Minister Jai Ram Thakur led ... Read more »

Monday Musings: The many challenges facing Pune city's Metro project

© Provided by Hindustan Times There have been inordinate delays in bringing the Metro project to Pune. While the major share of the blame does go to the Congress-NCP for ... Read more »

CII, HP edu regulatory body inks pact for industry-academia collaboration

© Provided by The Statesman CII, HP edu regulatory body inks pact for industry-academia collaboration The Confederation of Indian Industry (CII) and Himachal Pradesh Private Educational Institution Regulatory Commission (HP-PERC) ... Read more »

Big-Bobber von Meister Takamine - Indian Chief von Brat Style

Go Takamine hat als Customizer seinen eigenen, weltbekannten Stil geprägt: Brat Style. Für Indian eine Super Chief zum Minimal-Bobber um. © Indian Motorcycles Der Kotflügel hinten stammt von einem 1937er-Ford. ... Read more »

Covid: People with cold-like symptoms should WFH and avoid Christmas parties, says expert

© REUTERS People walk past a Selfridge’s store on Oxford Street, amid the COVID-19 outbreak in London People with cold-like symptoms should work from home and avoid Christmas parties to ... Read more »

BBC Strictly Come Dancing's biggest fails after AJ Odudu and John Whaite's lift disasters

AJ Odudu and John Whaite are unarguably fantastic dancers, but things went slightly wrong for them on the most recent episode of Strictly Come Dancing. The pressure of being Quarter-finalists ... Read more »

LGBTQ+ networking platform raises funds from leading investor club

A recruitment and networking platform for LGBTQ+ people is tapping a prominent network of high net-worth investors to fund its international expansion. © Other Pierre Gaubert (l) and Adrien Gaubert ... Read more »

Victorian cemetery with derelict lodge could be turned into café and offices

A derelict cemetery lodge that has sat empty for 50 years is set to be restored to its former Victorian glory. Southwark Council wants to turn the crumbling East Lodge ... Read more »

Scottish Open: Dominic Dale looking forward to return of top level snooker in Llandudno

Welsh snooker legend Dominic Dale can’t wait to get started in Llandudno again as top level snooker returns to the North Wales resort town next week. Due to contractual issues ... Read more »

Gert-Johan Coetzee announces winners of his bursary

© Provided by Independent Online (IOL) Multi-award-winning fashion designer Gert-Johan Coetzee announced the winners of the Gert-Johan Coetzee Fashion Bursary at North West School Of Design. Gert was looking for ... Read more »

Jake Paul vs Tommy Fury 'could be cancelled' with new opponent ready to step in

Jake Paul’s eagerly-anticipated fight with Tommy Fury could be cancelled, as Tyson’s brother is apparently set to pull-out of the encounter. The fight was due to take place on December ... Read more »

Covid pass for young teens set to roll out in bid to make international travel easier

The UK Government is set to roll out a Covid travel pass for young teens in a bid to make international travel easier for families. © 12 to 15-year-olds will ... Read more »

Man City have five academy kids in first-team training ahead of RB Leipzig Champions League game

Manchester City added three teenage academy starlets to their first-team training squad as they prepare to travel to Leipzig. The Blues had defensive midfielder Romeo Lavia, and full-backs Joshua Wilson-Esbrand ... Read more »

Diogo Dalot and Alex Telles have given Manchester United manager Ralf Rangnick a pleasant surprise

No matter had bad things got for Manchester United in the final weeks of the Ole Gunnar Solskjaer era, you could almost guarantee the teamsheet would be no reflection of ... Read more »

Benitez begins life after Brands by placing Everton two steps away from major signing

© Provided by Teamtalk Rafa Benitez managing Everton during Carabao Cup match against Huddersfield Town Rafa Benitez has reportedly been given clearance to make his first signing as Everton manager ... Read more »

Piers Morgan and Dan Walker feud: From Strictly to salaries and storming off set

© Getty Images/YouTube Piers Morgan/Dan Walker A longstanding feud has been reignited between Piers Morgan, 56, and Dan Walker, 44, after the latter was voted off Strictly Come Dancing on ... Read more »

Heineken moves to take sole control of Irish drinks company behind Dutch Gold

© Shutterstock Mehaniq HEINEKEN IRELAND HAS put forward a proposal to take over sole control of an Irish drinks company behind beers such as Dutch Gold.  A spokesperson for Heineken ... Read more »

Channel 4's Christmas TV for 2021 – including The Great Christmas Bake Off and a Taskmaster New Year Treat

It’s Christmas time, which means lots of seasonal stuff on the TV, from Christmas specials to entertaining travel documentaries featuring celebrities stuck up snowy mountains. © Channel 4 Channel 4 ... Read more »

Nagaland firing: Deputy CM Patton, senior officials visit Mon town to review situation

© Provided by The Statesman Nagaland firing: Deputy CM Patton, senior officials visit Mon town to review situation Two days after an Army unit in Nagaland mistook a group of ... Read more »

When Vicky Kaushal spoke about the kind of woman he'd like to marry - Read on

© Provided by Zee News New Delhi: Bollywood couple Katrina Kaif and Vicky Kaushal are set to get married at the ceremony of their dreams in Rajasthan on December 9. ... Read more »

Gambia presidential candidates Darboe, Faal and Kandeh join forces to reject election results

UPDATE 11PM: Gambia's Independent Electoral Commission declared incumbent President Adama Barrow the winner of the presidential election late Sunday evening with 53 percent of the vote. Earlier Sunday afternoon, three ... Read more »

Neil Bhatt and Aishwarya Sharma get a warm welcome on the sets of GHKPM post wedding; Photos

© Provided by Pinkvilla Actors Neil Bhatt and Aishwarya Sharma recently got married on November 30. They play lead roles in the show Ghum Hai Kisikey Pyaar Meiin. The couple ... Read more »

Nasa says ‘potentially hazardous' 1,000ft asteroid worth $5BILLION to enter Earth's orbit this week

A MASSIVE asteroid bigger than the Eiffel Tower is expected to hurtle within Earth's orbit this weekend, NASA has warned. The space agency has classed the 1,082 foot long space ... Read more »

EXCLUSIVE: ‘After Soorma, next production is also a biopic': Chitrangda Singh on her future plans & Gaslight

© Provided by Pinkvilla Chitrangda Singh got back to acting with the recently released thriller, Bob Biswas. The actress informs that she wants to do more films, and it’s lack ... Read more »

Trump inadvertently said people who believe his election-fraud theories are stupid

© Scott Olson/Getty Images Trump inadvertently said people who believe his election-fraud theories are stupid Trump published a statement on Saturday in a bid to push his election-fraud claims. But ... Read more »

Howzzat! Aditya Ojha wants to play a cricketer on screen

© IANS Aditya Ojha. Mumbai, Dec 6 (IANS) Actor Aditya Ojha, who was seen as protagonist Yug Thakur in TV show ‘Namak Issk Ka’, now wants to play a cricketer ... Read more »

Deadly dengue wreaks havoc in Delhi, death toll rises to 15

© Provided by Zee News New Delhi: Six more deaths due to dengue have been reported in the national capital, taking the total number of fatalities due to the vector-borne ... Read more »

Anticipation rises among 'Bigg Boss Telugu 5' viewers for upcoming nominations

© IANS Bigg Boss Telugu 5. Hyderabad, Dec 6 (IANS) After Priyanka Singh’s exit from ‘Bigg Boss Telugu 5’, VJ Sunny, Sreerama Chandra, Manas, Shanmukh, Kajal, and Siri are the ... Read more »

UK property purchases slip 26% after end of stamp duty holiday

The data showed overall lending for house purchase was up 36% year-on-year for both first-time buyers and people moving home. Photo: Dinendra Haria/SOPA Images/LightRocket via Getty Images Property purchases in ... Read more »

Grand Hyatt S'pore to host 2-Michelin-starred restaurant Koks for 4 weeks, 5-course lunch starts from S$228++

© Provided by Mothership Grand Hyatt Singapore will be hosting core team members of two-Michelin Faroese restaurant Koks from Jan. 23, 2022 to Feb. 18, 2022, as part of the ... Read more »

Jika luka terhadap Bersatu ‘besar sangat', kenapa sertai kerajaan Muhyiddin, Ketua Pemuda PAS soal Umno

© Provided by Free Malaysia Today Ketua Pemuda PAS, Ahmad Fadhli Shaari, berkata Umno dan PAS telah bersepakat untuk menjemput Bersatu ke dalam MN sebelum ini dan PAS pula tidak ... Read more »

Stringent safety measures, easier Covid jab, rising confidence places Dubai on world's 2nd top city

© Provided by Khaleej Times Photo: File High Covid-19 vaccination rate, stringent health safety measures, increased confidence of local and international tourists in the emirate, and high disposable income of ... Read more »

Best schools in the UAE: American School of Dubai crowned overall winner

© Provided by The National The winners of the Top School Awards 2021 were announced on Monday. Photo: Pawan Singh / The National The country’s best schools and teachers have ... Read more »

Free Expo 2020 Dubai Tickets for Inbound Travellers

© UAEMoments Free Expo 2020 Dubai Tickets for Inbound Travellers Free Expo 2020 tickets are being offered to inbound travellers to Dubai as part of the UAE’s 50th National Day celebrations, ... Read more »

Rylan teases fans with snap of new teeth as he poses in gorgeous winter coat

Rylan Clark-Neal has impressed his fans in a new Instagram post. He shared a snap of him wearing a winter coat to his 1.5 million followers on Sunday. The photo ... Read more »

Boden's sell-out party season pieces are back in stock

After spending last autumn at home in our loungewear, you can bet we’re looking forward to getting dressed up for this year’s party season. With festive events back on the ... Read more »

COP's Raeesah Khan special report released to keep Parliament informed of probe's progress: Clerk of Parliament

Raeesah Khan testifying before Committee of Privileges on 2 December 2021. (SCREENSHOT: Gov.sg/YouTube) SINGAPORE — The Committee of Privileges tasked to investigate the complaint filed against former Workers’ Party (WP) ... Read more »

Austin's homicides on the rise

It's been a tragic stretch for murder in Austin's streets this year. Driving the news: Just after midnight last Thursday, police responded to reports of a shooting and stabbing in ... Read more »

Tarrant County jail had at least 21 in-custody deaths in 2020

At least 21 people died in the custody of the Tarrant County jail in 2020, more than any other jail in North Texas, according to reporting by the Dallas Morning ... Read more »

‘Travel apartheid': Nigeria condemns England's Covid red list

Photograph: Dominic Lipinski/AFP/Getty Images Nigerian high commissioner hits out as arrivals into UK face quarantine in effort to contain Omicron variant Nigeria’s inclusion on England’s red list after cases of ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic