Gold prices approach 2-week minimums

October 4, 2016

On Tuesday, gold prices tumbled close to two-week minimums,  as a stronger greenback following recent positive American data kept weighing on the precious metal.

In New York, December delivery gold futures dropped 0.09%, trading at $1,311.55, thus re-approaching the previous session’s two-week drop of $1,316.80.

The December contract concluded Thursday’s trading session 0.33% lower, hitting $1,312.70 an ounce.

Elsewhere in metals trading, December delivery silver futures slipped 0.26%, getting to $18.822 a troy ounce. At the same time December delivery copper futures went down 0.59%, hitting $2.179 a pound.

The greenback strengthened after on Monday, the Institute for Supply Management told that its index of manufacturing activity ascended to 51.5 the previous month from August’s reading of 49.4. Experts had forecast a lesser growth to 50.3.

The reports contributed to optimism regarding the strength of the Us economy after Friday’s positive American consumer sentiment data.

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