Gold prices snapped back Thursday from the nearly three-week low touched a day earlier as a leading dollar index retreated sharply.
Stocks indicators, meanwhile, pointed to the S&P 500’s SPX, +1.09% attempt at a first three-day win streak in six weeks, a development that was partly limiting gold’s upside.
Gold for December delivery GCZ8, +1.34% on Comex was up $11.40, or 0.9%, to $1,226.40 an ounce. Its finish at $1,215 Wednesday, on the back of a stronger dollar and a bounce for beaten-down equities, was the lowest since Oct. 10, according to FactSet data.
For all of October, however, gold prices were roughly 1.6% higher based on the most-active contracts, FactSet data showed. That represented the best month since July as the October advance came after six monthly declines in a row. Gold gained as stocks suffered a brutal and volatile October that left the S&P 500 down 6.8% for the month. The SPDR Gold Shares ETF GLD, -0.56% rose 0.9% Thursday after a 2% October rise.
The ICE U.S. dollar index DXY, -0.65% fell 0.7% at 96.45 Thursday after wrapping up October with a monthly rise of 2.1%. A stronger dollar can be a negative for commodities, making them more expensive to users of other currencies, and vice versa.
Meanwhile, December silver SIZ8, +2.26% rose 16 cents, or 1.1%, to $14.445 an ounce after its finish at $14.282 Wednesday was the lowest since Sept. 18. The metal shed 2.9% for October.
December palladium PAZ8, +0.74% fell 0.3% to 1,065.30 an ounce after ending with a monthly loss of 0.4%. January platinum PLF9, +1.66% rose 1.3% at $854.30 an ounce, and notched a 2.5% gain in October. December copper HGZ8, +1.07% rose 0.3% to $2.667 a pound, after it had notched a monthly decline of 5.2%.
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