28.9 C
New York
Monday, July 4, 2022

Gold Prices Hold Steady After 3 Weeks of Gains

Gold Prices Hold Steady After 3 Weeks of Gains© Reuters. Gold little changed as attention shifts to U.S. GDP

Investing.com – Gold prices were little changed on Monday after logging three straight weeks of gains as investors prepared for Friday’s data on U.S. third quarter growth, while monetary policy decisions this week from the European Central Bank and Bank of Canada will also be closely watched.

At 9:36 AM ET (13:36 GMT), for December delivery on the Comex division of the New York Mercantile Exchange inched up 40 cents, or 0.03%, to $1,224.10 a troy ounce. The precious metal ended little changed on Friday after a choppy trading session, but still ended the week with a gain of 0.59%, its third straight weekly increase.

Gold prices have been boosted by weaker stock markets and heightened geopolitical risks, which underpinned safe haven demand for bullion, while market participants turn their attention this week to

GDP data that is expected to show that U.S. economic growth slowed in the third quarter from the second, when the economy grew at its fastest pace in four years.

Investors will also be getting an update on the health of the U.S. housing market, which has been hit by rising borrowing costs as a result of Fed rate hikes, with the release of figures on new and pending home sales.

Data on Friday showed that sales of existing homes fell for a sixth straight month in September, in what was the largest decline in more than two years.

In other metals trading, fell 0.62% at $14.565 a troy ounce by 9:38 AM ET (13:38 GMT).

rose 1.82% to $1,089.40 an ounce, while sister metal traded down 1.15% at $826.40

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles