Gold Outperforms S&P 500
Thursday’s stock-market slide means gold is back to beating the S&P 500 in 2023.
Futures contracts tied to the precious metal are up 9.3% this year, while the benchmark for U.S. stocks is up 7.7%.
Tweet on Gold v S&P 500
Thursday's stock-market slide means gold is back to beating the S&P 500 in 2023.#gold #stocks #btc #inflation pic.twitter.com/Rtut302Qb0
— The_Journalbiz (@the_journalbiz) October 26, 2023
Facstset chart on gold
Spot gold was steady at $1,980.69 per ounce by 11:58 a.m. ET (1558 GMT). Earlier in the session, prices were just shy of the five-month high hit on Friday.
The U.S. economy grew at its fastest pace in nearly two years in the third quarter, again defying dire warnings of a recession issued since 2022
- U.S. gold futures fell 0.2% to $1,990.70.
The number of people filing new claims for state unemployment benefits rose to a seasonally adjusted 210,000 during the week ending Oct. 21 from 200,000 in the prior week, the Labor Department reported. Claims are at the very low end of their range of 194,000 to 265,000 for this year.
The data “paint the picture of a very strong U.S. economy,” supporting the narrative that the Fed might need to raise rates more, which is negative for gold, said Edward Moya, senior market analyst at OANDA.
