Precious Metals Commentary, Analysis and Statistics

Gold steady near the $2,000-an-ounce threshold early Wednesday on a weaker dollar and reduction in U.S. bond yields amid renewed hopes that the Federal Reserve will pause its series of interest rate hikes. Continue reading →

Gold fell early Monday as last week’s bullish bets that the Federal Reserve may be about to end its cycle of interest rate hikes fizzled out. 

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.

Disclaimer: This editorial has been prepared by Dillon Gage Metals for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or a recommendation regarding any particular security, commodity, or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities, or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand, and accept this disclaimer.

Gold withdraws a bit from early morning gains on profit-taking, but still poised for first weekly gain in three weeks on speculation that the Federal Reserve may be able to pause or end its series of interest rate hikes. Gold scales two-week high on expected Fed pause. Continue reading →

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 rebounded early Monday after declining for two consecutive weeks, as investors await tomorrow’s inflation data, though prices hovered near three-week lows on a stronger dollar. 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 →

Gold ebbs slightly on Fed Chairman Powell’s comments this morning after slipping earlier on increased risk appetites. Continue reading →

Gold drops as bond yields rise, falling early Monday as risk appetite also picked up adding to the pressure on the precious metal. Continue reading →

Gold climbs on U.S. jobs report which showed some cooling in the economy. The news brought gold’s spot prices back above the $2000-an-ounce mark. Continue reading →

Gold steady as investors brace for the Fed decision this afternoon. The yellow metal slipped below the $2,000-an-ounce level earlier Wednesday. Continue reading →

Gold rises above $2000 an ounce early Monday amid safe haven demand stemming from the escalating conflict in the Mideast ahead of Fed. 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 →

Gold declines from a five-month high early Monday as investors switched their focus to upcoming economic data from the conflict in the Middle East. Continue reading →

Gold rises to three-month high early Friday, on the Middle East conflict between Israel and Hamas and speculation that Federal Reserve rate hikes may soon come to an end. Continue reading →

Gold rises early Wednesday on the intensifying Mideast conflict after hundreds of people died from a rocket attack Tuesday in Gaza that each side blamed on the other. Continue reading →

Gold digs in above $1900 on Middle East conflict, after slipping from a one-month high early Monday as profit takers and technical sellers cashed in on the more than 3% rally in the previous session.&nbsp Continue reading →

Gold heads for best week in seven months, rising above the $1900 mark early Friday on safe haven investing. Continue reading →

Gold tips up in Wednesday morning trading as safe haven buyers return to power the rally sparked by the Middle East conflict and treasuries subside despite this morning’s economic data showing inflation ticking up in September. Continue reading →

Gold rallies on Mideast conflict, climbing over 1% early Monday as haven investors sought the yellow metal. Continue reading →

Gold drops on surprising jobs report. After drifting higher in early trading, the yellow metal dropped on fears that the Fed would increase its hawkish moves on interest rates. The DG spot price fell $10 an ounce, but quickly rebounded as Bulls stepped in to buy the dip. Continue reading →

Gold retreats from a brief Morning peak that was powered by jobs data. The DG spot rose to $1830 on the news, then fell back $10 an ounce. Investors now await the release of the monthly U.S. jobs report for September on Friday for further direction. Palladium traded at a five-year low. Continue reading →

Gold falls to trade near a seven-month low early Monday amid a strong dollar and expectations that interest rates will remain high for some time. Continue reading →

Gold regains ground early Friday as the dollar stalls, but the yellow metal still heading for a quarterly decline amid speculation that the Federal Reserve will continue to keep interest rates high. Today’s inflation data gave gold a slight boost. Continue reading →

Gold ebbs as higher interest rate concerns boost dollar. The yellow metal drifted below the $1900 mark early Wednesday on increased speculation that the Federal Reserve will keep interest rates. Continue reading →

Gold steady ahead of inflation report early Monday as investors anticipated the release of a key inflation report Friday and and the government shutdown looms. Continue reading →

Gold edged higher early Friday, rising from one-week low though it remained near a one-week low amid expectations that the Federal Reserve will continue its cycle of interest rate hikes for a bit longer. Continue reading →

Gold steady early Wednesday as investors await the Fed monetary policy decision this afternoon – expected to be a pause in interest rate hikes – and looked for guidance on whether the rate increase cycle would resume after this month’s Federal Reserve policy meeting. Continue reading →

Gold steady early Monday ahead of Fed decision, as investors expect a pause in interest rate hikes. Continue reading →

Gold recovers from three-week lows early Friday,iday aided by the dollar’s retreat after better-than-expected Chinese data. Traders now turn their eyes to next week’s meeting of the Federal Reserve for guidance. It’s widely expected that the Fed will leave interest rates unchanged. Continue reading →

Gold bobbles on the release of key U.S. inflation report as investors digest how the report’s uptick may influence the Federal Reserve’s plans for future interest rate increases. Continue reading →

Gold poised for a weekly drop as speculation mounted that the Federal Reserve will keep interest rates high for some time, supporting the dollar and Treasury yields. Prices ticked higher Friday. Continue reading →

Gold steady near one-week lows early Wednesday as gains in the dollar and Treasury yields pressured the yellow metal.  Continue reading →

Gold ticks up on mixed jobs report and is poised for a second week of gains as economic data points to slowing inflation. Continue reading →

Gold boosts on this morning’s key economic data on employment and the GDP that reflects a slowing economy. Continue reading →

Gold relatively steady, tipping up slightly early Monday, shrugging off the comments from Federal Reserve Chairman Jerome Powell and European Central Bank President Christine Lagarde last week that interest rates should remain high, bolstered by the possibility of upcoming weak economic reports. Continue reading →

Gold aims for best week in six weeks despite the dollar slipped rebounding early Friday to two-and-a-half-month highs. Now all eyes turn to Jackson Hole. Continue reading →

Gold back over $1900 an ounce early Wednesday before the Jackson Hole conference as some investors did some bargain hunting while awaiting further signals on the state of the global economy at the end of the week. Continue reading →

Gold stagnant just below the $1900 an ounce level as investors await news out of Jackson Hole during the annual gathering of central bankers at the end of the week. Continue reading →

Gold higher rising from five-week lows early Friday as the dollar and Treasury yields fell from recent highs, but the yellow metal still heads for fourth weekly dip. Continue reading →

Gold tips slightly down on strong U.S. housing data, sticking above the key $1,900 support level early Wednesday as Treasury yield rose amid speculation that the Federal Reserve may increase interest rates further. Continue reading →

Gold trades near five-week low after faling early Monday amid an elevated dollar and bond yields as investors awaited the minutes of the Federal Reserve’s July policy meeting for further direction. Continue reading →

Gold trades near one-month lows early Friday, pressured by a strong dollar and bond yields, even as the latest inflation report added to speculation that the Federal Reserve will pause its series of interest rate hikes next month. Continue reading →

Gold rebounds from one-month lows, edging up early Wednesday amid weakness in the dollar and bond yields ahead of the latest inflation report.  Continue reading →

Gold slightly ebbs ahead of next inflation report. The yellow metal ticked down as the dollar and treasuries gained ground early Monday as investors awaited the next key economic report on Thursday for signals on what the Federal Reserve will do next. Continue reading →

Gold reclaims some ground on this morning’s jobs report which came in lower than expected. Spot gold gained $10 an ounce on the news, but the yellow metal still looks headed for its worst week in six. Continue reading →

Gold rises on U.S. credit downgrade, edging higher early Wednesday as the dollar and Treasury yields fell after Fitch Ratings relegated the U.S.’s top-level AAA credit rating to AA+. Continue reading →

Gold little changed early Monday, and appears headed for its best month since March, as speculation grew that the Federal Reserve is nearing the end of its interest rate-increase cycle and the dollar weakened. Continue reading →

Gold regained ground on key inflation data that came in at low, yet expected level. While the yellow metal reclaimed the turf above the $1950 an ounce level, it looks headed for its biggest weekly decline in five weeks, after the dollar and Treasury yields rose on strong economic reports. Continue reading →

Gold holding steady little changed early Wednesday ahead of the Fed monetary policy decision. Continue reading →

Gold steady ahead of rate decision, trading in a tight range early Monday as investors awaited Wednesday’s monetary policy announcement from the Federal Reserve amid heightened speculation that it’s likely to be the last interest rate hike in this cycle. Continue reading →

Gold aims for third weekly gain, despite slipping on strong jobs data that dims the speculation that the Federal Reserve will halt its cycle of interest rate increases after next week’s meeting. Continue reading →

Gold reclaims ground near eight-week high buoyed by increasing expectations that the Federal Reserve is coming to the end of its interest rate hike cycle. Continue reading →

Gold steadies early Monday as dollar weakens on anticipation that the Federal Reserve will soon end its series of interest rate hikes kept a floor under Gold prices after reports last week that inflation was slowing. Continue reading →

Gold still poised for best week since April, although it has slightly backed off from overnight highs. The bullion is getting support from data showing inflation has slowed making it less likely that the Federal Reserve will continue its aggressive monetary policy. Continue reading →

Gold gains on this morning’s cooler inflation report. The yellow metal had been standing firm overnight on a softer dollar, then gained over $15 an ounce on the new data. Continue reading →

Gold dips a bit from Friday’s spike inspired by the cooler-than-expected U.S. jobs report. The bullion takes a pause ahead of this week’s economic data as the dollar and treasury yields strengthen. Continue reading →

Gold gains ground on this morning’s U.S. jobs report that gives hopes for a slowing of the Fed’s rate hike plan. The yellow metal still appears headed for a weekly decline. Continue reading →