Gold futures flat as headwinds kick up
New York (Aug 27) Gold drifted on Wednesday as the focus remains on stocks in the wake of the S&P 500’s first-ever close above 2,000.
At last check, gold for December delivery GCZ4, +0.15% was up 40 cents, or less than 0.1%, to $1,285.60 an ounce. September silver SIU4, +0.25% lost a penny, also less than 0.1%, to $19.38 an ounce.
A day earlier, another leg up for equity markets didn’t stop gold from gaining ground, even after a stronger dollar brought prices down near two-month lows. The latest batch of upbeat economic data showed better-than-expected consumer confidence, although the report on durable-goods orders was more mixed.
The appetite for equities, the action in the dollar and some healthy signals from the economy aren’t the only things making it tough for gold these days, says INTL FCStone’s Edward Meir.
“None of this is necessarily constructive for gold over the short term, with the complex also having to deal with the additional complication of deteriorating chart patterns,” he said.
Elsewhere in metals trading, October platinum PLV4, +0.32% rose $3.90, or 0.3%, to $1,423.50 an ounce, while September palladium PAU4, +0.02% edged up 30 cents, or less than 0.1%, to $889 an ounce. High-grade copper for September delivery HGU4, -0.09% was flat at $3.19 a pound.