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Gold Makes Modestly Higher Oct. Debut

CommoditiesOct 01, 2021 03:33PM ET
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By Barani Krishnan

Investing.com - In a sign that its worst may be over — for now that is — gold made a modest gain as trading for October began, joining most risk assets trying to recover from September’s hellish ride.

A retreat in both the dollar and U.S. bond yields also helped gold post a second straight week of gains, small as they may be.

U.S. gold futures’ most active contract, December, settled Friday’s trade at $1,758.40 per ounce on New York’s Comex, up $1.40, or 0.1%.

For the week, it managed a 0.4% gain despite Thursday’s 2% trouncing that contributed to September’s torrid loss of 3.4%.

“We may be seeing gold enjoy some safe-haven flows as the outlook becomes increasingly more uncertain,” said Craig Erlam, analyst at online trading platform OANDA.

“It will be interesting to see if it can maintain these gains if risk aversion continues in the coming weeks. Many obstacles remain to the upside which will make any ascent very challenging. The first of these is $1,760, where it ran into resistance yesterday, followed by $1,780.”

Gold Makes Modestly Higher Oct. Debut
 

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Comments (2)
Nick Farr
Nick Farr Oct 02, 2021 12:58PM ET
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Bull up you golden people! The world is stiring from it's slumber.
AIM Investor Journal
AIM_IJ Oct 02, 2021 7:16AM ET
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US debt default is two weeks away - Republicans and Democrats can’t agree to act. The US is still on course to default on debt repayments by the middle of October. The resulting financial shockwaves could sink the world economy. Amid the ongoing rows between Democrats and Republicans over debt and borrowing limits, Congress managed to pass a short-term fix on Thursday night to prevent a shutdown of the federal government the following day. A US default, which would be unprecedented, would lead to “complete chaos,” said Jacob Funk Kirkegaard, at the Peterson Institute of International Economics. The debt ceiling, a curb on how much the federal government can borrow to service debt has routinely been raised by Congress when necessary since it was established in 1917. But with rancour between the Democrats and Republicans reaching a level rarely seen in US history, co-operation even on an issue as vital as this is dangerously lacking.
anubhav shrivastava
anubhav shrivastava Oct 02, 2021 7:16AM ET
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so what is conclusion, gold will sit on bull or bear ,I think gold is going to choose bull
 
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