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Market News Gold price hit its worst monthly performance in four years, and the gold industry started at a low price. Analysis: The next support point is $1700

Gold price hit its worst monthly performance in four years, and the gold industry started at a low price. Analysis: The next support point is $1700

Gold price continued to fall on Monday, falling 0.3% to $1,782.72 per ounce. Gold prices have fallen 5.1% in November, their worst monthly performance in four years.

LEO
2020-11-30
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February gold futures prices fell 23.10 US dollars, or 1.3%, to close at 1,788.10 US dollars per ounce; December gold futures prices fell 23.60 US dollars, or 1.3%, to close at 1,781.90 US dollars per ounce.

 

The optimism spurred by the vaccine news offset the weakening of the U.S. dollar and caused gold to decline.

 

ActivTrades chief analyst Carlo Alberto De Casa said, "After breaking the support point of $1,850, it has damped the medium-term trend of gold and opened room for further correction."

 

Kitco.com senior analyst Jim Wyckoff also pointed out on Friday that the next downside target price for gold shorts in the near future is to break the futures price below the solid technical support point of $1,700.

 

Demand for physical gold in India remains stable, as gold prices have fallen to a low in the past five months, encouraging retail consumers and jewellers to increase their purchases.

 

Silver fell 0.9%

Spot silver fell 0.9% to US$22.50 per ounce, spot platinum rose slightly by 0.1% to 964.71, and spot palladium also rose 0.1% to 2,426.31.

 

March silver futures prices fell 80.7 cents, or 3.4%, to close at 22.639 US dollars per ounce; December silver futures prices fell 80.9 cents, or 3.5%, to close at 22.639 US dollars per ounce. Based on the most recent monthly contract price, gold futures fell by more than 4% this week, the largest weekly decline since the week ended September 25; FactSet data shows that silver fell by about 7%, which is also the largest weekly decline since late September. Silver has fallen for 3 consecutive weeks, the longest consecutive weekly downward trend since May 1.

 

Trump vows to push litigation war

Although US President Trump has vowed to continue the litigation battle with a view to overturning the results of the November 3 election, he hinted in a telephone interview with Fox News that he has gradually given up his opposition to Biden's admission to the White House on January 20. The face-to-face trade agreement negotiations between the United Kingdom and the European Union restarted on Saturday, and the two sides hope to make a last-ditch effort to reach an agreement when the current relationship is only five weeks away.

 

 

 

 


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