Tue. Oct 4th, 2022

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Gold ain’t shining today

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Gold nuggets

Gold prices fell on Thursday, weighed by a steady dollar and fading chances of a new U.S. fiscal stimulus package being finalized before the November elections.

Spot gold fell 0.4% to $1,893.17 per ounce by 0108 GMT.

U.S. gold futures were steady at $1,896.60.

The dollar index drew support from rising coronavirus cases and scant progress towards the U.S. stimulus deal.

Silver fell 1% to $24.05 per ounce, platinum eased 0.3% to $854.59 per ounce, and palladium was down 0.1% at $2,342.83.

The world’s mines will produce 3,368 tonnes of gold this year, down 4.6% from 2019 and the lowest in 5 years, but high bullion prices will help to push up output by 8.8% to a record 3,664 tonnes in 2021, consultancy Metals Focus said on Wednesday.


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