Gold eyes second weekly gain in Friday morning trading after hitting a one-month high earlier in the market day as the latest U.S. data pointed to signs of slowing inflation, bolstering investor expectations of an interest rate cut by the Federal Reserve in June. Continue reading →
Gold heads for second weekly drop on this morning’s inflation data, following a series of economic reports that have investors rethinking the timeframe of the Federal Reserve’s expected interest rate decreases. The DG spot price dropped just below the key psychological $2000 an ounce level on the inflation report. Continue reading →
Gold entrenched in a tight range early Friday, up-ticking on this morning’s inflation data, but headed for a second weekly drop. An important inflation gauge released Friday showed that the rate of price increases cooled as 2023 came to a close, bolstering hopes for Federal Reserve Interest rate cuts. Continue reading →
Gold heads for first weekly drop in four after the minutes of the Federal Reserve’s December meeting were released on Wednesday, reducing expectations that interest rate cuts were imminent and strengthening the dollar and Treasury yields. The yellow metal dropped briefly on this morning’s positive jobs numbers, but rebounded quickly. Continue reading →
Gold powers to a new record with spot prices hitting $2,110.80 an ounce early Monday amid haven demand linked to the war between Israel and Hamas and speculation that the Federal Reserve will begin cutting interest rates next year. The yellow metal then receded below the $2,100 on profit taking. Continue reading →
Gold steady after second straight monthly rally amid heightened speculation that the Federal Reserve’s interest rate increase cycle has peaked and that the central bank will either hold or cut rates going forward. The yellow metal has also set its sights on its third straight weekly gain. Continue reading →
Trading was also expected to be light this week going into the U.S. Thanksgiving holiday on Thursday. Last week, gold posted its first weekly gain in three on interest rate speculation and, subsequently, a weaker dollar and Treasury yields. Gold comes under pressure when interest rates, the dollar and Treasury yields are strong, and last week was the dollar’s worst in four months.
Front-month gold futures rose 2.4% last week to settle at $1,984.70 an ounce on Comex, though the December contract slipped 0.1% Friday. Bullion gained 6.9% in October after falling 5.1% in September and dropping 2.2% in August. The metal is up 8.7% in 2023. The December contract is currently down $12.00 (-0.60%) an ounce to $1972.70 and the DG spot price is $1972.20.
CME FedWatch Tool shows that 99.8% of the investors it tracks are betting that the Fed will keep its federal funds rate unchanged in December, a shift from 90.9% a week ago, and .2% of the investors think the Fed will lower the rates by 25 basis points. The Fed has boosted interest rates by 5.25 percentage points since March 2022 to curb inflation to the 2% level. The Fed kept interest rates unchanged at 5.25% to 5.50% earlier this month. The central bank has raised interest rates only once since May.
Minutes of the last Fed policy meeting in November are due out Tuesday and will be closely watched by investors for further signals on monetary policy.
In other economic news, U.S. weekly initial jobless claims come out Wednesday, early because of the Thanksgiving holiday. Final consumer sentiment data for November are also due out Wednesday. U.S. manufacturing PMI comes out Friday. The U.S. retail holiday sales season, which is often used as an economic indicator, begins at the end of this week with Black Friday.
Separately, gold came under some pressure following a deal between Israel and Hamas for the group to release hostages taken during the Oct. 7 attack on Israel. This is likely to trigger a multiday pause in the conflict. That’s bearish for gold, a haven asset in times of geopolitical uncertainty.
December silver futures increased 7.1% last week to settle at $23.85 an ounce on Comex. March is now the most-active contract, and it fell 0.3% Friday to $24.20 Friday. Silver increased 2.2% last month after decreasing 9.5% in September and slipping 0.6% in August. It’s down 0.7% in 2023. The December contract is currently down $0.257 (-1.08%) an ounce to $23.595 and the DG spot price is $23.48.
Spot palladium surged 9.2% last week to $1,071.00 an ounce, and it advanced 1.6% Friday. Palladium dropped 10% in October after rising 3% in September and sliding 5.3% in August. Palladium has plummeted 41% so far this year. Currently, the DG spot price is up $27.10 an ounce to $1096.00.
Spot platinum rose 6.4% last week to $905.10 an ounce and edged up 70 cents Friday. Platinum gained 3.5% in October after declining 6.6% last month and advancing 1.7% in August. Platinum is down 15% in 2023. The DG spot price is currently up $10.10 an ounce to $913.80.
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Gold yo-yos on inflation data, hitting a one-week high early Wednesday after the dollar and Treasury yields weakened following yesterday’s inflation report. The yellow metal started to waffle, dipping on profit-taking, then regaining some ground on this morning’s inflation report. The small boost was followed by a shallow dip caused by further profit-taking. Continue reading →
Gold falls early Friday on Federal Reserve Chairman Jerome Powell’s hawkish comments. The yellow metal is heading for a second consecutive weekly decline, after the Fed chair increased speculation that the central bank may not be done yet with its series of interest rate hikes. Palladium tumbled to its lowest level since 2018. Continue reading →
Dallas (October 31, 2023) Dillon Gage, the global leader in physical precious metals trading and technology attains its latest milestone, The Responsible Jewellery Council (RJC) certification against RJC’s 2019 Code of Practices (COP). This certification, issued for three years, underscores Dillon Gage’s unwavering dedication to responsible jewelry practices and its commitment to promoting ethical, social and environmental responsibility across its operations. Download press release Continue reading →
Gold poised for a third consecutive weekly gain Friday as the conflict in the Middle East propped up prices while expectations that the Federal Reserve would leave interest rates high for some time pressured them. The yellow metal drifted down after the release of this morning’s inflation data. Continue reading →
Gold steady below $2,000 threshold early Wednesday, sticking to elevation from the conflict in the Middle East and softer U.S. Treasury yields, but pressured by diplomatic efforts to keep the Israel-Hamas war from spreading and expectations that the Federal Reserve will keep interest rates high. Continue reading →