Gold ticks down Friday morning on the release of a key U.S. jobs report for September, which may provide signals on the timing and size of the Federal Reserve’s planned upcoming interest rate cuts. Continue reading →

Gold slips in Wednesday morning trading on profit-taking and a stronger dollar, but the yellow metal still remained near recent record highs supported by the escalation of conflicts in the Middle East. Gold shrugged off this morning’s U.S. employment data. Continue reading →

Gold slips on profit-taking early Monday following the yellow metal’s recent record highs, while haven demand following an escalation in the Middle East conflicts over the weekend supported it. Continue reading →

Gold headed for weekly gain, sticking near Thursday’s record high. The yellow metal shrugged off this morning’s mild inflation report. Continue reading →

Gold extends its record-setting gains early Wednesday amid anticipation of more Federal Reserve interest rate cuts and the worsening conflicts in the Middle East. Continue reading →

Gold rallies to new record high early Monday, extending the rally that began after last week’s Federal Reserve interest rate cut.

The yellow metal topped $2,600 an ounce last week on the rate cut, expectations for more reductions to come and escalating tensions in the Middle East. Interest rate cuts are typically considered bullish for gold, which become more attractive alternate investments when rates go down. The precious metal is also a traditional hedge against uncertainty, both geopolitical and economic. 

Investors will be awaiting additional direction from the Fed’s favorite inflation indicator, which is due out Friday, as well as a number of comments this week from Fed officials including Chairman Jerome Powell.

Front-month gold futures rose 1.4% last week to settle at $2,646.20 an ounce on Comex after the most-active December contract added 1.2% Friday. Bullion is up 4.7% this month after advancing 2.2% in August and increasing 5.7% in July, its biggest monthly gain since March. The metal rose 13% in 2023.

The yellow metal climbed last week after the 50-basis-point rate cut to 4.75% to 5.00%. It was the central bank’s first rate reduction since the pandemic. The Fed had kept rates at 5.25% to 5.50% for a year after raising them by 5.25 percentage points since March 2022 to rein in inflation. The December contract is currently up $5.9 (+0.22%) an ounce to $2652.10 and the DG spot price is $2630.60.

All investors tracked by the CME FedWatch Tool agree that the Fed will likely cut rates again in November, though they’re almost evenly divided on whether to expect another 50 basis point reduction or just a 25 basis point one. Most expect rates to drop to 4.00% to 4.25% or lower by the end of 2024. The Fed has said it closely looks at both inflation and labor market data when crafting monetary policy.

The personal consumption expenditures price index, the Fed’s favorite inflation measure, is due out Friday with August data and will provide the latest measure on whether inflation is continuing to slow. Consumer sentiment for August is also due out Friday. 

Three Fed regional bank presidents – from Atlanta, Chicago and Minneapolis – are scheduled to speak Monday and will likely provide further direction on policymakers’ thinking. Fed Governor Michelle Bowman is scheduled to speak Tuesday, when consumer confidence data for September and the S&P Case-Shiller home price index for July are due out. Powell is scheduled to speak Thursday, along with a slew of other Fed officials. U.S. weekly initial jobless claims also come out Thursday.

Powell said in a news conference following last week’s rate cut that no one should assume that 50 basis points “is the new pace” for reductions. 

In addition to economic news, gold and precious metals got some support from rising tensions in the Middle East after Hezbollah hit back on Israel over the weekend with a barrage of rockets, declaring an “open-ended battle.” Israeli attacks in Lebanon in the past week have killed dozens of people with air strikes. Officials around the world say Israel was also most likely responsible for an attack that caused thousands of pagers and walkie-talkies in Lebanon to explode a few days earlier, causing fatalities and injuries, including of civilians. 

Front-month silver futures increased 1.4% last week to $31.51 an ounce on Comex after the December contract advanced 0.3% Friday. Silver is up 8.1% this month after gaining 0.7% in August and dropping 2.1% in July. It ticked up 0.2% in 2023. The December contract is currently down $0.340 (-1.08%) an ounce to $31.165 and the DG spot price is $30.94.

Spot palladium rose 0.7% last week to $1,088.00 an ounce, though it fell 1.5% Friday. Palladium is up 11% in September after increasing 3.2% in August and decreasing 4.3% in July. Palladium plummeted 38% last year. Currently, the DG spot price is down $22.10 an ounce to $1066.00.

Spot platinum dropped 2% last week to $984.20 an ounce after falling 1.4% Friday. Platinum is up 5.7% this month after sliding 5.2% in August and losing 2.1% in July. Platinum dropped 6.8% in 2023. The DG spot price is currently down $17.50 an ounce to $968.40.

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 builds to a new record high over the $2600 benchmark early Friday after rallying Thursday on the Federal Reserve’s mid-week interest rate cut. The bullion also getting a boost from on-going geopolitical concerns in the Mid-East. Continue reading →

Gold gains on a weaker dollar Wednesday and traded near a record ahead of the Fed’s rate decision in the afternoon. Continue reading →

Gold extended gains and traded around record levels early Friday amid optimism about Federal Reserve interest rate cuts next week after a number of data releases this week showed that the economy may be slowing. Gold has hit record highs in each of the past six months and gained about 24% so far in 2024. Continue reading →

Gold drifts a tad lower Wednesday despite this morning’s inflation report that reflects the continuing easing of that economic dynamic, which may influence next week’s Federal Reserve’s monetary policy decision. Continue reading →

Gold rose back above the $2500 mark Monday on rate cut expectations. Last week’s release of the key U.S. jobs report for August had cast doubt on how big the Federal Reserve’s long-expected interest rate cut next week will be. Continue reading →

Gold boosts on the August jobs report after rallying early Friday as it heads for a weekly gain as investors anticipate a Fed rate cut. Continue reading →

Gold steady ahead of jobs reports after experiencing an early morning dip. Investors await the release of some of the last major economic indicators due out before the Federal Reserve policy meeting later this month. Gold briefly lost ground early Wednesday due to an equity sell-off. DG spot gold fell 0.2% to $2,476.14 per ounce, hitting its lowest since Aug. 22nd, while gold futures were also down 0.2% to $2,519.10. Bulls quickly stepped in to buy the dip, reclaiming most of the lost ground. Continue reading →

Gold poised for a weekly and monthly gain early Friday supported by U.S. rate-cut bets and geopolitical uncertainty, as a key U.S. inflation measure comes in as expected. Continue reading →

Gold little changed Wednesday morning ahead of Friday’s economic reports. The yellow metal was steady above $2,500 an ounce but did lose a little ground on a stronger dollar. Continue reading →

Gold steady and little changed near record levels early Monday after surging in the previous session on Fed rate cut anticipation, after Fed Chairman Jerome Powell seemed to confirm the central bank’s plans to begin interest rate cuts next month. Continue reading →

Gold steady early Friday ahead of Powell remarks and remained above $2,500 an ounce after sliding from near-record levels in the previous session. Continue reading →

Gold little changed above $2,500 an ounce near Tuesday’s record high, bolstered by geopolitical tensions and speculation about an upcoming Federal Reserve interest rate cut. Continue reading →

Gold remains steady early Monday near record high reached at the end of last week on a softer dollar prompted by Fed speculation. Continue reading →

Gold poised for a weekly gain after a series of economic reports this week solidified expectations of an interest rate cut by the Federal Reserve in September. The yellow metal sticking close to $2,500 an ounce and an all-time high. Continue reading →

Gold steady Wednesday morning, near all-time high as key inflation data continues to point to a September interest rate cut by the Federal Reserve. Continue reading →

Gold steady Friday after volatile week. The yellow metal rose more than 1% in the previous session on interest rate-cut optimism and haven demand, but is still headed for a weekly drop. Continue reading →

Gold steady, sticking near the $2400 an ounce mark early Wednesday, after a volatile start to the week. The first few days saw the broader, global market reacting to worse-than-expected U.S. July job data and mounting speculation that the economy was on the brink of a recession. Continue reading →

Gold rallies Friday on easing jobs numbers that boosted Fed rate cut hopes. Gold futures are now firmly over the $2500 mark. Continue reading →

Gold rises early Wednesday ahead of Fed, and jobs reports. The bullion was poised to cap its biggest monthly gain since March amid speculation that the Federal Reserve will clearly indicate that interest rate cuts are imminent in its policy statement due out in the afternoon. Safe haven impulses driven by the latest violence in the Middle East is also giving the yellow metal a boost. Continue reading →

Gold rises early Monday extending gains on last week’s key inflation report ahead of this week’s Fed meeting as investors bet on interest rate cuts beginning in September.