Gold futures traded to its lowest price point on October 1, 2019 when it traded to an intraday low of $1465 before recovering. Continued unrest and protests in Hong Kong have added concerns. People are wondering when these protest events will be over. There have been reports of escalation of violence both protesters and police. People have been injured intentionally and accidentally. This geopolitical event affects gold prices.
The U.S. dollar gained almost 3.5% during the third quarter of this year. Dollar strength has certainly been putting negative pressure on the entire precious metals complex. The complex is paired against dollars and thereby has an inverse correlation.
Gold probably continues to be in a corrective stage following the remarkable $300 rally. This rally took gold from $1265 in August of last year two $1565 at the beginning of last month.
Gold Price Today (October 2, 2019):
Gold Spot Price
|Gold Price per Ounce||$1,475.60||10.20|
|Gold Price per Gram||$47.44||0.33|
|Gold Price per Kilo||$47,441.64||327.94|