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COMEX Gold Fell 1.4% Due To Reduced Demand For Hedging

COMEX Gold Fell 1.4% Due To Reduced Demand For Hedging

The New York Mercantile Exchange (COMEX) December gold futures closed down by US$25.5 or 1.4% to US$1,763.9 per ounce on November 3. The U.S. dollar index fell 0.2% in December as the US stocks continued to record highs and reduced the safe-haven attractiveness of gold. Silver futures fell 1.2% to $23.231 per ounce. The New York Mercantile Exchange (NYMEX) January platinum futures fell 1.6% to US$1,022.5 per ounce, and December palladium futures fell 1% to US$1,987.20 per ounce. The world's largest gold ETF, State Street Wealth Gold Index Fund (SPDR Gold Shares, GLD) 3rd gold holdings decreased by 1.45 metric tons to 978.07 metric tons. The largest silver ETF (iShares Silver Trust, SLV), silver holdings decreased by 93.40 metric tons to 16,873.50 metric tons. The Federal Open Market Committee (FOMC) announced at the Federal Open Market Committee (FOMC) at the monetary decision-making meeting on Wednesday that it will reduce its monthly debt purchases by US$15 billion, including US$10 billion in Treasury bills and US$5 billion in Institutional Mortgage-Backed Securities (MBS). Fed Chairman Powell said that the economy has made progress towards its goals. Even if the scale of debt purchases is reduced, the Fed’s policies have provided strong support for the economy. Powell also said that policy tools cannot alleviate supply constraints, future inflation problems are difficult to predict, the recovery time of global supply chains is uncertain, and the duration of supply bottlenecks is longer than expected.
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