• / Free eNewsletters & Magazine
  • / My Account
Home>Gold trades lower as dollar, equities aim higher

Gold trades lower as dollar, equities aim higher

Gold trades lower as dollar, equities aim higher


By Rachel Koning Beals

Silver futures are down 0.5% on Monday

Gold futures were trading lower on Monday to start the fourth quarter as a strengthening dollar weighed on the precious metal and U.S. equities looked set to test fresh records.

Gold for December delivery on Comex fell $9.20, or 0.7%, for the session at $1,275.50 an ounce. The move comes after futures ended last week down roughly 1%, and shed 2.7% for the month, according to FactSet data. For the quarter, however, gold prices ended up around 3.6% (http://www.marketwatch.com/story/gold-ticks-higher-as-traders-weigh-tax-cut-prospects-rate-hikes-2017-09-29).

The exchange-traded SPDR Gold Shares ETF (GLD), meanwhile, was off 0.4% early Monday.

December silver shed 8 cents, or 0.5%, to $16.595 an ounce. Silver ended last week with a loss of 1.8%, and 4.8% for the month. The metal logged a roughly 1% rise for the quarter. The exchange-traded iShares Silver Trust (SLV) was down 0.6% early in the session.

Metals declined despite a mass shooting late-Sunday on the Las Vegas Strip that has so far left at least 50 dead and scores (http://www.marketwatch.com/story/reports-of-dead-injured-after-mass-shooting-at-las-vegas-concert-2017-10-02) more injured.

The ICE Dollar Index , a measure of the U.S. unit against a basket of six major rivals, was up 0.5% early Monday, after booking a 1% rise last week. A stronger dollar makes commodities priced in the currency more expensive for buyers using weaker currencies.

©2017 Morningstar Advisor. All right reserved.