Gold weighed down by US data

September 29, 2016

The gold price is down for a second straight day today as investors await a raft of data from the US this week which may decide the question of an interest rate hike.

At 4.31pm (GMT) the gold price was trading at $1,319 down from $1,326 in yesterday’s trading.

Following on from the previous day’s losses, after observers claimed Hillary Clinton the winner over Donald trump in the first debate, gold come under further pressure on the back of potentially strong US economic data this week.

A positive round of figure will strengthen the case for a rate hike from the Fed in December which will only add more woes for gold,

“The next two weeks are pretty much packed with economic data,” from the release of durable goods data on Wednesday, to second quarter GDP figures and the release of September jobs data next Friday, said Carston Menke, a commodities research analyst at Julius Baer.

Another event that is likely to create volatility in gold is the second presidential debate due to take place next week where holders of long positions in gold will be hoping that Trump can improve on his performance from the first debate.

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