Gold Finishes October Up, But Barely Clinging To US$4,000 Handle
WASHINGTON, Nov 1 (Bernama-Sputnik/RIA Novosti) -- Gold’s ascendancy into US$4,000 territory was marked by an aplomb that suggested its time had arrived, though its struggle to hold to the pricing also indicates it was rushed there.
As trading for October concluded Friday, both the spot and US futures pricing for the safe haven posted gains for the month, adding to prior wins in September and August, reported Sputnik/RIA Novosti.
But for the day itself, the precious metal posted losses, struggling to stay above the US$4,000 mark.
Spot gold, which reflects global trades in gold bullion, settled at US$4,002.63 an ounce, down US$21.86, or 0.5 per cent. For the month, spot gold rose 3.7 per cent, after gains of 11.9 per cent and 4.8 per cent, respectively, for September and August.
US gold futures for December delivery on New York’s Comex was at US$4,013.30, down US$19.70, or 0.5 per cent on the day. Comex gold rose 3.5 per cent after prior monthly gains of 10.6 per cent and 5.5 per cent.
Gold’s debut at US$4,000 an ounce was followed in less than a week with new record highs of almost US$4,400. Since then, analysts have noted that it lacks enough momentum to break new ground.
Philip Streible, Chief Market Strategist at Blue Line Futures, said to push higher, gold has to stay decisively above US$4,175 an ounce to rebuild bullish momentum.
--BERNAMA-SPUTNIK/RIA NOVOSTI