Why the gold price and stock markets are disconnecting
In late afternoon trade on the Comex market in New York December gold futures changed hands at $1,353.60, a slight gain on Monday’s close, but off its highs for the day of $1,362.
The price of gold has rallied sharply from the intra-day low of $1,182.60 an ounce hit on June 28, but remains down 19% for the year.
While the stock market continues to set record highs in the US, gold is headed for its first annual loss in 13 years.
Bloomberg takes a look at the reasons why bullion is underperfoming the S&P 500 by the biggest margin since the 1997 Asian financial crisis this year: