Gold Down as Investors Turn to Stocks

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© Reuters.

By Adam Claringbull

Investing.com – Gold was down on Friday morning in as stock markets rose across the globe.

Gold edged down 0.11% at $1,874.90 by 12:48 PM ET (4:48 AM GMT)

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Global stocks pushing upwards took attention away from the precious metal, with all major stock indices boosted. Germany’s Ifo survey rose  to 93.4 in , it missed the 93.8 figure predicted in prepared by Investing.com, suggesting that the European powerhouse is beginning to see a path through the pandemic emerging.

Factors pushing gold in the other direction include a rapid resurgence of COVID-19 in , with the U.K. and recording their highest yet daily new cases, U.S. Donald Trump refusing to say whether he would agree to a peaceful transition of power should he lose the upcoming election, and higher-than-expected unemployment applications in the U.S. However, none of these were sufficient to lift gold prices up against downward pressure of the burgeoning interest in stocks.

The latest U.S. non-farm payroll data is due on Oct 2, investors are looking to it to see if there has been an improvement in the U.S. economy.

Source: Investing.com

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