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Gold Spikes at End-Sept; Too Little, Too Late for Month, Quarter

CommoditiesSep 30, 2021 03:44PM ET
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© Reuters.

By Barani Krishnan

Investing.com - Gold had one of its better days for September as the month ended. But the gain was too little, too late to be meaningful for the month or even the quarter.

U.S. gold futures’ most active contract, December, settled Thursday’s trade at $1,757 per ounce on New York’s Comex, up $34.10, or 2%.

It finished September down 3.4%, while losing 0.8% for the third quarter.

The latest pop in gold came despite an uptick in U.S. Treasury yields.

Traders said the rise could be on overdue concerns about inflation as oil prices were projected to get to $90 per barrel from current rates just below $80.

Also somewhat helping gold’s safe-haven status was the debacle in the Senate where Democrats were trying to secure a deal with rival Republicans to raise the U.S. debt ceiling and avert a government shutdown and what could be the country’s first-ever debt default.

“This is also happening because the gold market may have gotten a bit too short here,” said Ed Moya, analyst at online trading platform OANDA.

“If this gold rebound continues, sellers will likely emerge ahead of the $1,780 level. If the energy crunch gets worse, that could save gold from further downward pressure in the short-term. The economic recoveries in Europe and Asia are vulnerable here and fears of $90 oil could trigger massive reversal in interest rate hike expectations.”

Gold Spikes at End-Sept; Too Little, Too Late for Month, Quarter
 

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Comments (5)
Gorgovan Gabriel
Gorgovan Gabriel Oct 01, 2021 3:06AM ET
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got me realy frustrated lately better trading corn
MuraliKrishna Brahmandam
MuraliKrishna Brahmandam Sep 30, 2021 8:57PM ET
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The reopening of Dr. Jerome Bubble will be happy with headlines
MuraliKrishna Brahmandam
MuraliKrishna Brahmandam Sep 30, 2021 8:55PM ET
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Constipated Dr. Jerome Bubble is just beginning to deliver big lumpy chunky droppings in stocks. You have to be patient for gold to go up. Dr. Jerome Bubble is contemplating heavier vaccine against constipation. Then the reopen of chunky lumpy droppings will start
Gervais Christopher
Gervais Christopher Sep 30, 2021 4:14PM ET
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You're Month and Quarter doesn't matter at all...Gold turned the corner and is heading MUCH higher.
Sol Weinberg
Sol Weinberg Sep 30, 2021 4:14PM ET
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YES SIR. I DO AGREE
Meru Pet
Meru Pet Sep 30, 2021 4:14PM ET
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if the dollar gets weaker, which is possible...
Filippo Bulgarini d Elci
Filippo Bulgarini d Elci Sep 30, 2021 3:46PM ET
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So go ahead, and short it... See ya at the eoy...
 
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