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Gold futures slipped lower Tuesday, headed for a fourth straight session decline, as strength in the U.S. dollar and fresh highs for U.S. stock benchmarks recently reflected waning demand for haven gold.
The charts for gold “remain negative and the overall macroeconomic environment doesn’t have the feel of enough anxiety to reverse that bias,” analysts at Zaner Metals wrote in a daily report. “However, the market does appear to have found some support around the $1,450 level and Chinese auto sales for October were soft enough to foster some economic uncertainty.”
December gold
GCZ19, -0.34%
on Comex fell $5.50, or 0.4%, to $1,451.60 an ounce after shedding 0.4% on Monday, hitting its lowest settlement since Aug. 1 according to Dow Jones Market Data.
December silver
SIZ19, -0.52%,
meanwhile, shed 12.7 cents, or 0.8%, to $16.675 an ounce,with prices for the metal also on track for a fourth consecutive session decline.
Investors awaited a speech from President Donald Trump for hints on trade developments.
“Gold appears to be in a holding pattern while also barely hanging on a thread ahead of President Trump’s speech at the Economic Club of NY,” wrote Edward Moya, senior market analyst at brokerage Oanda. Trump’s ECNY speech is scheduled for noon Eastern Time and could provide a spark for precious metals and other assets if the president says something about the long-running U.S.-China trade scuffle.
“With gold hovering around key support, a Trump Christmas surprise could deliver a blow to all safe-havens. If Trump chooses to announce any major trade breakthroughs, we could see US stocks reinvigorated and safe-havens punished across the board,” Moya wrote.
Meanwhile, stocks have been somewhat buoyant with the Dow Jones Industrial Average
DJIA, +0.27%
notching its ninth all-time high of 2019, while the U.S. dollar, as measured by the ICE U.S. Dollar Index
DXY, +0.16%,
edged up 0.2%. Stocks gains and a stronger dollar can undercut appetite for assets considered havens like bullion.
January platinum
PLF20, -0.89%
was down 1.2% at $870.10 an ounce, headed for the lowest most-active contract settlement since August.
“Platinum prices dropped some, as China lost car sales of electric and hybrid vehicles,” said George Gero, managing director at RBC Wealth Management.
Palladium, meanwhile, saw prices edge higher, as the metal had “already had big sellers recently and some shorts [were] covering now,” said Gero.
December palladium
PAZ19, +0.66%
added 0.5% to $1,664.10 an ounce, after losing more than 3% in each of the last two trading sessions.
December copper
HGZ19, -0.36%
edged down by 0.3% to $2.6555 a pound.
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