Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold Prices Inch Up as Worries Over Corporate Earnings Weigh on Stocks

Published 10/29/2018, 01:52 AM
Updated 10/29/2018, 01:52 AM
Gold prices inched up on Monday

Gold prices inched up on Monday

Investing.com - Gold prices inched up on Monday as worries over corporate earnings weighed on Asian equities.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.02% at $1,236.0 a troy ounce by 1:50 AM ET (05:50 GMT).

Chinese stocks were down around 2% on Monday after the country’s top liquor maker Kweichow Moutai Co Ltd (SS:600519) plunged by the 10% daily limit after reporting its weakest quarterly profit growth in three years.

Separately, Hong Kong-listed Chinese brokerage firm GF Securities Co Ltd (HK:1776) reported that its net profit for the third quarter plummeted by 39.23% compared to the same period last year. Its net profit was down 35.39% year-on-year for the first 9 months of the year, the company said.

Meanwhile, the dollar traded slightly higher on Monday and hovered near two-month highs on a stronger-than-expected third-quarter GDP report.

The U.S. dollar index that tracks the greenback against a basket of other currencies was up 0.08% to 96.24.

The U.S. economy grew at a 3.5% annualized rate, the Commerce Department said on Friday, beating expectations of 3.3%.

Analysts widely expect gold prices to remain little changed ahead of next week’s mid-term election in the U.S. Non-farm payroll data due later in the week is also expected to impact the yellow metal.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.