Gold Price Ends Slightly Lower As Equities Rebound

New York (Oct 20)  Despite the US dollar losing ground against some major currencies, gold prices edged lower on Friday as equities rebounded after a setback in the previous session.

The dollar index drifted down to 95.42, giving up about 0.3%. On Wall Street, stocks rebounded after an early decline. Upbeat results from Procter & Gamble, American Express and Honeywell drove stock prices up on Wall Street.

Shrugging off concerns about trade disputes and geopolitical tensions, investors have been focusing on earnings reports on Friday.

Gold futures for December ended down USD1.00, or 0.1%, at USD1,229.10 an ounce. On Thursday, gold futures ended up USD2.70, or 0.20%, at USD1,230.10 an ounce.

For the week, gold futures gained nearly 1%, moving higher for a third straight week.

Silver futures for December ended down USD0,046, at USD14.650 per million btu.

Copper futures for December settled at USD2.7780 an ounce, gaining USD0.0315 for the session.

In economic news, a report from the National Association of Realtors showing a much steeper than expected drop in existing home sales in the month of September.

NAR said existing home sales plunged by 3.4% to an annual rate of 5.15 million in September after edging down by 0.2% to a revised rate of 5.33 million in August. Economists had expected existing home sales to drop by 0.7%.

With the much bigger than expected decrease, existing home sales slumped to their lowest annual rate since November of 2015.

AllianceNews

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