Gold price struggles while dollar recoups losses

The gold price dipped on Monday morning in Lonodn, running into resistance after the previous week’s rally.

– Spot gold was last at $1,366.05/1,336.50 per ounce, down $1.40 on the pre-weekend close. Last week the metal had pushed higher after the US Federal Reserve confirmed it would not raise rates in September. The dollar index initially dipped on the news but has since recovered and was last at 95.37.

– In data today, US new home sales are of note alongside speeches from both ECB president Mario Draghai and FOMC member Daniel Tarullo before US presidential candidates Donald Trump and Hilary Clinton – whose lead in the polls has fallen to just four points, according to a Reuters report – hold a televised debate.

– Market participants will then await August’s trade statistics from Hong Kong on its imports into China, set for release tomorrow.

– In the other precious metals, silver at $19.430/19.460 per ounce was down on the $19.665 close. Platinum at $1,035/1,044 was $10 lower and palladium fell $5 to 691/698.

(Editing by Mark Shaw)   

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