Gold Dec '22 (GCZ22)
Gold Futures Market News and Commentary
What you need to know…
The S&P 500 Index ($SPX) (SPY) this morning is down -1.85%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -1.40%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -2.45%.
Stocks this morning are moderately lower. Stocks retreated after bond yields jumped when this morning’s economic news showed U.S. Sep nonfarm payrolls rose more than expected and the Sep unemployment rate unexpectedly declined. The stronger-than-expected payroll report will keep the pressure on the Fed to keep aggressively raising interest rates. As a result, the 10-year T-note yield jumped to a 1-week high of 3.906%.
A slump in chip stocks today is also dragging the market lower, with Advanced Micro Devices down more than -7% after it reported Q3 revenue of $5.6 billion, well below the consensus of $6.71 billion, citing weak PC sales and a build-up of inventory in the supply chain. The sell-off in chip stocks spread to Europe and Asia after Samsung Electronics t... Read more
- WGC: Global Gold ETF Outflows Hit Peak in September
According to WGC, Asian gold ETF holdings remained virtually unchanged over the previous month.
- U.S. Steel Import Permits Posted Significant Decline in September
The steel imports totalled 24.234 million net tons during the first nine months of 2022.
- Precious Metals in Q3 and Beyond
The precious metals sector of the commodities market edged 0.70% lower in Q3, making it the best-performing sector for the quarter. Palladium was the only...
- 6th October, 2022: Scrap Gold, Silver and Platinum Prices Dropped on Index
In the Hallmarked category, the 14 carat gold scrap prices were down by $ 8.15 per Oz.
- Stocks Sink as Hot U.S. Labor Market Keeps Fed Hawkish
What you need to know… The S&P 500 Index ($SPX ) (SPY ) this morning is down -1.85%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -1.40%,...
- Novelis and SPS Collaborated to Develop Closed-Loop-Recycling System
Incidentally, the partnership is expected to reduce overall carbon emissions by around 100,000 tons per year.