Gold futures pressured by global stock rally

睇來金價和股市是行相反, 而唔係同步 !

www.marketwatch.com

Gold futures traded slightly lower on Wednesday, on track for a fifth straight losing session as the precious metal struggled to gain traction amid a global rally that was luring investors into risky assets like stocks.

Asian and European stocks saw sharp gains and Dow index futures were pointing to a leg higher after enjoying their second-best rally of the year Tuesday.
Appetite for risk combined with a stronger dollar as measured by the U.S. ICE Dollar index DXY, +0.25% a gauge of the strength of the greenback against a basket of rival currencies, weighed on the yellow metal.

Gold futures for December delivery GCZ5, -0.92% gave up $2.10, or 0.2%, to trade at $1,118.90 an ounce in early Wednesday trade, putting the precious metal on track to close at its lowest level since mid-August. Gold prices have been down nine of the past 11 sessions.

In other metals, December silver SIZ5, -0.54%  was 9 cents, or 0.6%, lower at $14.67 an ounce.

William Adams, head of research at Fast Markets said precious metals are “trying higher” and said in a blog note on Wednesday “gold is [holding] up well considering the strength in other markets, while other industrial metals are attempting to rally but they seem to have the hand brake on.”

With few other key drivers, gold traders are looking ahead to next week’s two-day meeting of the Federal Open Market Committee beginning Sept. 16, which will determine whether the Federal Reserve will lift rates for the first time in nearly a decade. Such a move would provide significant momentum for the dollar and dollar-denominated assets like gold.

High-grade copper HGZ5, +0.18%  gained a penny, or 0.6%, to $2.449 a pound. Meanwhile, October platinum PLV5, -1.52% lost $5.30, or 0.5%, to trade at $997.60 an ounce, and December palladium PAZ5, -1.37%  shed $1.30, or 0.2%, to $585.25 an ounce.