New York Gold Market Conditions: Gold closed lower at $2.60 amid profit-taking rate correction.
InfoQuest – New York gold futures closed lower on Friday (November 17), with prices correcting lower and investors taking profits. After the price rose sharply on Thursday.
The COMEX (commodity exchange) gold contract will be delivered in December. The futures price fell by 2.60, or 0.13%, to close at $1,984.70 per ounce. But it rose 2.1% this week.
Silver necklace for delivery in December. The futures price fell 8.10 cents, or 0.34%, to close at $23.852 per ounce.
Platinum contract for delivery in January. The futures price fell $1.10, or 0.12%, to close at $901.70 per ounce.
Palladium contract for delivery in December. It rose $9.30, or 0.89%, to close at $1,058.90 per ounce.
Gold prices came under pressure on Friday. This is because investors are selling gold as a safe asset. After easing concerns about US government agencies closing or shutting down, US President Joe Biden signed a temporary budget bill. As a result, the United States was able to avoid a government shutdown.
Investors sell gold contracts to make a profit. This comes after gold prices rose more than 1% on Thursday, supported by a weak dollar and lower US bond yields. Including expectations that the Federal Reserve (Fed) will end its interest rate hike cycle.
Investors are also selling gold contracts as a safe investment. After the US Commerce Department reported on Friday that the number of new homes rose 1.9% to 1.372 million units in October. This was higher than analysts’ expectations of 1.350 million units, and home building permits increased 1.1% to 1.487 million units in October.
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