x
0

Gold falls toward 3-week low after Congress reaches spending deal

CommoditiesMay 01, 2017 02:59AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Gold falls toward 3-week low

Investing.com - Gold prices declined in European trading on Monday, falling toward a three-week low after U.S. congressional leaders reached an agreement to fund the government through the fall.

Comex gold futures lost $4.50, or around 0.4%, to $1,263.80 a troy ounce by 2:55AM ET (06:55GMT). Meanwhile, spot gold was at $1,262.50.

Also on the Comex, silver futures inched down 9.8 cents, or about 0.6% to $17.16 a troy ounce, after touching a more than six-week low of $17.08 earlier in the session.

Trading activity was expected to remain light on Monday, with most markets in Europe, the U.K. and Asia closed for the May Day holiday.

Negotiators in the U.S. Congress reached a deal late on Sunday on around $1 trillion in federal funding that would fund the government through September 30 and avert a government shutdown later this week.

The full House of Representatives and Senate must still approve the bipartisan pact, which would be the first major legislation to clear Congress since Donald Trump became president on January 20.

The news boosted risk-sensitive assets, such as global equities, and sparked a sell-off in assets perceived as safe, such as the yen, bullion and U.S. Treasuries, which are often used as a hedge in times of political uncertainty.

Elsewhere in metals trading, platinum shed 0.7% to $942.40, while palladium slumped 0.5% to $822.65 an ounce.

Copper futures dipped 1.1 cents to $2.598 a pound as investors digested a soft reading on China's manufacturing sector released over the weekend.

The official manufacturing purchasing managers' index released on Sunday dipped to a six-month low of 51.2 in April from 51.8 in March, below the forecast for 51.6.

Anything above 50.0 signals expansion, while readings below 50.0 indicate industry contraction.

Gold falls toward 3-week low after Congress reaches spending deal
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Russell Calkins
Russell Calkins May 01, 2017 4:57PM GMT
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Donald J. Trump is the 45th President of the United States. He believes the United States has incredible potential and will go on to exceed anything that it has achieved in the past. His campaign slogan was Make America Great Again, and that is exactly what he intends to do. ..God Bless Donald J. Trump. The REAL FREE WORLD IS WITH YOU. All against him are just more ignorant Liberal. LOL
Hiren Patel
HIRENPATEL May 01, 2017 1:33PM GMT
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tgt1 $17.140 hitted again today alsoooooooo in xag...........agianst sell @17.420 range on last friday............see call 1sttttttttt----what next???????
Silverbug 19
Silverbug 19 May 01, 2017 10:50AM GMT
Saved. See Saved Items.
This comment has already been saved in your Saved Items
All is well when your bankrupt yet you still add Trillions more to the bill.
Russell Calkins
Russell Calkins May 01, 2017 5:00PM GMT
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes TY O'Blunder for the last 8 yrs. God Bless TRUMP!!!
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Please wait a minute before you try to comment again.
 
 
 
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Add Chart to Comment
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.