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Gold Down, as Consumer Confidence Rises

Commodities Oct 26, 2021 11:24PM ET
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© Reuters.

By Gina Lee

Investing.com – Gold prices fell on Wednesday morning in Asia, while the U.S dollar retreated marginally.

Gold Futures went down 0.28% to $1,788.35 by 11:08 PM ET (3:08 AM GMT). Reduced stimulus and interest rate hikes pushed government bond yields up, translating into a higher opportunity cost for holding bullion.

Upbeat corporate earnings and eased concerns about high inflation also dented bullion’s safe-haven appeal.

Tech giants Microsoft Corp (NASDAQ:MSFT) and Google owner Alphabet (NASDAQ:GOOGL) Inc. both beat revenue expectations, while their equity gained globally.

“Traders see this relatively strong earnings and other companies taking advantage of low interest rates to invest in capital expenditure as positive momentum,” said Michael Ashley Schulman chief investment officer at Running Point Capital.

Also, U.S. consumer confidence rose in October as concerns about high inflation were offset by positive labor market prospects, suggesting economic growth was picking up.

Investors now await news from the meetings of Bank of Japan (BOJ) and European Central Bank (ECB), both due this Thursday.

The BOJ is set to maintain its massive stimulus program on Thursday and slash this year’s inflation forecast, which signals that it has no intention to follow crisis-mode policies, according to Reuters.

As for other precious metals, silver fell 0.8% to $23.95 per ounce. Platinum fell 0.7% and palladium went down 0.3%.

Gold Down, as Consumer Confidence Rises
 

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Comments (4)
Dale Wyffels
Dale Wyffels Oct 27, 2021 2:59AM ET
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I am 100% confident not to believe anything in print, if any consumer buys anything at all they will be confident it costs more.
Dale Wyffels
Dale Wyffels Oct 27, 2021 2:50AM ET
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I would like to know where that poll was taken????
Steffen vdm
Steffen vdm Oct 27, 2021 1:18AM ET
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33 minutes ago you wrote: "Tech shares slipped ..... as investors expect inflation to prompt interest rate hikes".
King Tolba
King Tolba Oct 27, 2021 12:22AM ET
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How consumer confidence has risen in light of a grinding supply chain shortage and food shortages in grocery stores and retail stores. The US Federal Reserve has decided to outright falsify all economic data. They visit everything in order to destroy and fight gold.
 
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