Yesterday, a global equity rally and a stronger USD caused gold to trade lower for the fifth day in a row. Asian equities, led by Japan, started the session off in a positive direction. By the time the US time zone was reached, US bourses trended lower but bond yields rose which weighed on the yellow metal though. Stops in gold were triggered around $1,115 which encouraged further selling pressure. Gold lost 1.75% on the day before ultimately finding bids ahead of psychological support at $1,100. On the physical front, coin and bar demand in the US remains strong but is waning in India, a much bigger market than that of the US. Gold prices in India are at a discount to the spot price after big August imports and a disappointing monsoon season.
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