New York Gold Market Situation: Gold closes down at 2.60 dollars due to profit taking – price correction by InfoQuest

InfoQuest – New York gold futures closed lower on Friday (Nov. 17), with prices correcting down and investors taking profits. After the price surged sharply on Thursday.

The COMEX (Commodity Exchange) gold contract will be delivered in December. fell 2.60 or 0.13% to close at $1,984.70/ounce. But it rose 2.1% this week.

Silver contract for delivery in December. fell 8.10 cents, or 0.34%, to close at $23.852/ounce.

Platinum contract for delivery in January. fell $1.10 or 0.12% to close at $901.70/ounce.

Palladium contract for delivery in December. Rose $9.30 or 0.89% to close at $1,058.90/ounce.

Gold prices came under pressure on Friday. This is because investors sell gold as a safe asset. After alleviating concerns about the shutdown of US government agencies or shutdown, US President Joe Biden has signed a temporary budget bill. As a result, the United States was able to avoid government shutdowns.

Investors sell gold contracts to make a profit. This comes after gold prices rose more than 1% on Thursday, supported by a weaker dollar and a fall in U.S. bond yields. Including expectations that the Federal Reserve (Fed) will end the cycle of raising interest rates.

Investors are also selling gold contracts as a safe-haven investment. After the US Department of Commerce reported on Friday that The number of home starts increased 1.9% to 1.372 million units in October. This was higher than analysts’ expectations of 1.350 million units. Home construction permits increased 1.1% to 1.487 million units in October.

Click to read the original news from InfoQuest.