Gold settles back, largely unfazed by US presidential debate

Gold bullion prices settled back slightly during Tuesday morning trading in Europe, tracking back from the $1,340 level, while financial markets in general take stock of the outcome of Monday’s US presidential debate.

“Gold dipped as expected on the back of Clinton being seen as victorious,” Alex Thorndike of MKS PAMP said in a note.

This first head-to-head debate between Donald Trump and Hillary Clinton had preoccupied markets, with gold having edged higher on Monday in the run-up to the event. But the debate was largely seen as having gone in favour of Clinton, which defused risk concerns.

Spot gold was indicated at $1,336.80/1,337.10 per ounce, down $1.35 on the previous close, amid some light profit-taking – $1,340 is now becoming intermediate resistance.

Attention will revert now to macroeconomic inputs – the next political debate is not until next week. So far, in economic data, Chinese industrial profit growth increased 19.5 percent year-on-year in August compared with 11 percent in July. This was also the highest rate of growth this year.

Later today, the S&P/CS Composite-20 HPI index, the flash services PMI, CB consumer confidence and the Richmond manufacturing index are due.

In others, silver was indicated at an unchanged $19.43/19.45 per ounce, platinum at $1,041.00/1,045.00, down $1, with palladium also $1 lower at $693/694.

(Additional reporting by Vivian Teo in Singapore, editing by Mark Shaw)

 

 

The post Gold settles back, largely unfazed by US presidential debate appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2cS3KPt
via IFTTT