Gold

Gold futures basis the most active December contract have sold off sharply in trading today. As of 4:17 PM EDT gold futures are currently fixed at $1506 per ounce which is a net decline of $17.60 on the day. Dollar strength contributed to today’s decline with only a nominal percentage of the decline being attributable to gains in the dollar index.

Gold pricing consolidated in trading today after market participants took gold pricing to the highest daily closing price this year. As of 4 PM EDT gold futures basis the most active December contract is currently trading down $6.30 (-0.42%), and fixed at $1524.50.

As of 4:40 PM EDT gold futures basis the most active December contract is currently up $7.20 and fixed at $1535 per troy ounce. This is a new record close for this calendar year. Although gold futures had traded to an intraday high of $1545 on Monday of this week, the effective close came in at $1514.

Market participants focused on weaker economic data from both the United States as well as globally, which is continuing to create genuine concern about a slowing economy and potential recession. This data coupled with the recent inversion of the U.S. treasury yield curve created a selling frenzy in U.S. equities today.

Gold futures have traded in an expanded price range with the most active December contract trading to a high of $1546.10, and the low of $1488.90, resulting in a trading range of over $57 today. As of 3:50 PM EDT December gold is bid at $1514.50 which is a net decline of $2.70 on the day.