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Gold Pulls Back, Suffer a 3-Session Skid
Tuesday, 10 September 2019 03:32 WIB | PRECIOUS METALS |GOLDEMAS

Gold futures settled lower Monday, giving back earlier gains to extend their losses to a third session in a row, as a rise in U.S. Treasury yields weighed on the precious metal™s haven appeal, ahead of key central bank meetings this week and next.

The gold market saw œa little bit of profit-taking and consolidating around $1,500, said Jeff Wright, executive vice president of GoldMining Inc. He said no asset considered a haven performed well in Monday trade.

The market™s awaiting news from the European Central Bank, which meets Thursday, as well as from the Federal Reserve, which meets next week, he added.

December gold fell by $4.40, or 0.3%, to settle at $1,511.10 an ounce after trading as high as $1,523.80. The most-active contract fell about 0.9% last week, according to FactSet data.

Some commodity experts remain bullish and point to gold™s trade above the $1,500-an-ounce mark as the demarcation line between bullish and bearish momentum in the commodity.

Source : Market Watch

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