Gold futures traded lower early Wednesday as global stocks attempted to stage a recovery from a technology-inspired downturn that took the broader market to their lowest levels in weeks and the Nasdaq Composite into correction territory.
“Gold and silver bulls are in need of some fresh, bullish fundamental news, to jumpstart their stalled price uptrends,” wrote Jim Wyckoff, senior analyst at Kitco.com.
Bullion and its sister metal have been the beneficiaries of increased equities market volatility that has erupted in the first week of September.
December gold GCZ20, -0.04% GC00, -0.04% was down $9.40, or 0.5%, at $1,933.80 an ounce, following a 0.5% rise on Tuesday, which brought the most-active contract to its highest finish since Sept. 2.
December silver SIZ20, -0.39% SI00, -0.39%, meanwhile, added shed 23 cents, or 0.9%, at $26.76 an ounce, following a 1% gain in the previous session.
Prices for gold and silver looked to be taking a pause, mirroring the global equities market early Wednesday which stabilized after a three day slump led by technology-related stocks as investors worried about high valuations. On Tuesday the Nasdaq Composite ended down more than 10% from its recent peak, meeting the commonly used criteria for an asset correction.
On Wednesday, stocks in Europe, as measured by the Stoxx Europe 600 index SXXP, 1.03%, and futures for the Dow Jones Industrial Average DJIA, -2.24% and the S&P 500 index SPX, -2.77% were climbing, taking some of the luster away from gold.
Reprinted from marketwatch, the copyright all reserved by the original author.
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