Gold Price Slips As Stocks Build On Historic Run

October 24, 2017

New York (Oct 24)  Gold futures inched lower Tuesday, touching their lowest since October 6 as US stocks reached record heights.

The Dow Jones Industrial Average jumped 200 points as of mid-day, denting gold's safe haven appeal.

Dec. gold fell USD2.60, or 0.2%, to settle at USD1,278.30/oz.

Uncertainty over President D Trump's Federal Reserve pick prevented a larger decline.

Candidates are Federal Reserve Governor Jerome Powell, Stanford University economist John Taylor and current Federal Reserve Chair Janet Yellen.

In economic news, the euro area economy expanded strongly at the start of the fourth quarter on another marked improvement in new orders, but the pace of growth slowed from September.

The flash composite Purchasing Managers' Index fell more-than-expected to 55.9 in October from 56.7 a month ago, flash survey data from IHS Markit showed Tuesday. The score was forecast to drop marginally to 56.5.

The European Central Bank meets Thursday for a crucial monetary policy session.

Alliance News


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