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Gold Calm ahead of Presidential Debate on Monday, September 26

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Performance of gold and silver on Monday

After posting moderate gains in the week ended September 23, gold and silver lost momentum on Monday, September 26. At 1:30 PM EDT on September 26, the COMEX gold futures contract for December delivery was trading at $1,344.05 per ounce, a gain of ~0.13%. The COMEX silver contract for December delivery fell ~1.2% to ~$19.57 per ounce.

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Gold struck in range ahead of US presidential debate

Gold prices moved between gains and losses on Monday, September 26, as the market awaits the highly anticipated presidential debate scheduled to start at 9:00 PM EDT. In addition, the speculations over the outcome of oil producers meeting scheduled for this week also impacted gold prices.

Oil prices surged higher on Monday amid speculations over the output freeze deal by major oil producers. Gold and silver started the day on a weaker note and recovered moderately due to support from the slightly weaker dollar.

The weaker dollar supports the prices of dollar-denominated commodities such as gold, silver, and copper. Please read How Did Metals Perform in the Early Hours on September 26? to see how metals traded in the early morning hours.

On Monday, September 26, the US dollar remained lower irrespective of supporting US home sales data. According to the data released by the U.S. Commerce Department at 10:00 AM EDT on September 26, the new home sales in August fell 7.6% to 609,000 units. This is better than the market’s expectations of an 8.8% decline to 600,000 units.

At 1:45 PM EDT on September 26, precious metal producers Barrick Gold (ABX), Newmont Mining (NEM), Silver Wheaton (SLW), and Royal Gold (RGLD) fell ~0.28%, ~0.08%, ~0.07%, and ~0.5%, respectively. The SPDR Gold Trust ETF (GLD) rose ~0.15%.

The final article in this series explains the performance of companies in the energy, metals, and mining sector on Monday, September 26.

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