Gold continues to drift lower, as traders favor risk-on assets and dollar strength

Gold futures continued to drift lower, continuing the sharp decline that traders witnessed on Monday of this week. Although yesterday gold was able to recover slightly gaining $18 off of Monday sharp selloff, today traders took gold pricing back to erase those advances made on Tuesday. As of 4:55 PM EST, the most active December contract is currently fixed at $1863.50 which is a net decline of $12.90 on the day. Considering that gold futures opened at $1956 on Monday, the cumulative damage over the last three days have been almost $100 decline per ounce. A combination of strong U.S. equities (risk-on) performance, dollar strength, and modestly higher bond yields have all dampened the bullish market sentiment in the precious metals. Ever since the first week of August when gold futures reached a new record high price at $2088, gold prices have been steadily forming a series of lower […]

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