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New York gold futures closed overnight (November 19) as the dollar strengthened pressure on gold prices. Investors sell gold as a safe haven.
COMEX (Commodity Exchange) gold contract for delivery in December. It was down $ 12.4, or 0.66 percent, to $ 1,861.5 an ounce.
Silver Contract for December Delivery Down 40 cents, or 1.64 percent, to $ 24.048 an ounce.
Platinum contract delivered in January. It was up 60 cents, or 0.06 percent, to $ 951.5 an ounce.
Palladium contract delivered in December. It was down $ 34.20, or 1.5 percent, to $ 2,319.80 an ounce.
Gold contracts closed in negative territory for the third day in a row last night as a stronger dollar boosts dollar-priced gold contracts. More expensive AND less attractive to investors who have other currencies.
Also, investors sell gold as a safe haven. After the Federal Reserve (Fed), the Philadelphia branch reported the production index for November. It fell just six points to the 26.3 level, below analysts’ expectations. And it reflects that the US manufacturing sector is still in the direction of recovery.
However, analysts see that Gold remains one of the best-priced assets this year, gaining 23 percent since the beginning of the year. Responding to the easing of monetary policy AND the use of economic stimulus measures by central banks around the world
