Gold Hits 10-Week Low Posted by Brian Ford on September 02, 2014
The gold spot price fell by as much as $25 on Tuesday morning, as many investors started the short Labor Day week by taking profits. As of 3pm CST the gold spot price had settled in the $1,265-$1,270 range.
Kitco and other gold news outlets are reporting that bearish technical factors contributed to gold’s drastic decline in value today. Among the factors in play today that are considered negative for gold prices are:
- the U.S. Dollar Index hit a 13-month high today, putting downward pressure on the gold price
- the wave of geo-political unrest that has captivated the world in recent weeks was relatively calm this weekend
- September is historically a profitable month for gold investors, but the first few days after Labor Day have a historic correlation with lower gold prices
- U.S. economic and commerce data released today was largely encouraging to U.S. economists
The United States Commerce Department released today perhaps its most positive treasure trove of information in months. The D of C reported this morning that construction spending, the economic optimism index, the manufacturing report, and the global manufacturing PMI all saw positive gains during the last month. Analysts expect gold bullion to trade in its current range until decidedly positive or negative factors give the gold market some firm direction.
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