- Gold prices tumbled on Tuesday.
- Prices surpassed the mark of US$1,800 per ounce on Monday, the highest since August 2021.
- Investors have shifted their interest in equities, dimming the appeal of gold.
Gold prices tumbled nearly 1.5% on Tuesday snapping the gains of five sessions on the back of firm US dollar. December delivery gold futures surpassed the mark of US$1,800 per troy ounce on Monday however the futures are currently trading at US$1,793.30 per ounce, down 0.01% as of 27 October 2021 at 12:33 PM AEDT.
The stronger earnings in equities are taking off the appeal of gold. Tech-related companies drove the benchmark S&P 500 index to a record high level during the intraday trading session, taking away the investments on safe haven.
The prices of gold were additionally weighted due to a strong US dollar that makes bullion more expensive for other currency holders.
Gold prices have rallied nearly 2.5% in the past five sessions on the back of inflation concerns and uncertainty over the measures taken by central banks to combat rising prices.
The prices of gold crossed the US$1,800 mark on Monday followed by the most recent comment of U.S. Fed Chair Jerome Powell, reiterating that high inflation would likely decrease in the next year.
Falling gold prices | Source: © Auris | Megapixl.com
Investors are now focusing on the meetings of the European Central Bank and Bank of Japan, scheduled on Thursday while the follow-up US Fed meeting is planned on 2-3 November.
Gold prices tumbled on Tuesday after crossing the US$1,800 mark Monday as investors shifted their interest in equities because of higher earnings.
This content was originally published here.
Image Source : PTI Gold…
zeenews.india.com understands that your privacy is important to you and we are committed for being transparent about…
Gold dealer says that people looking for jewellery sets because of wedding season are waiting for a decline in gold…
Share Great Content for Our Resource Section
MoneyForGold.com is a resource site created for those looking to sell their personal collection of gold - whether it’s jewelry, coins, bars, antiques, etc., anything made from gold can be sold for quick cash. We encourage visitors to signup and share quality “Money For Gold” resources.
Have a question or comment? Email us at: email@example.com