Gold is down $13.00, trading at $1,180.70, as it continues its decline that started in mid-April. Silver is down $0.60, or over 4% just today. The US dollar remains the greatest force driving gold lower as it continues to hold firm, especially against the euro and pound.
Gold is down to start the week, dropping below $1,200.00 to its lowest level since December 2016. The US dollar continues to rise today to 14-month high on a weakened Euro which saw a steep decline after the Turkish lira fell 20% in the past week. The dollar’s success continues to be the biggest obstacle to metal prices, as it has been for the past several months.
Gold trading mostly flat this week settling in a range between $1,217.70- $1,221.00. Gold received a bit of a boost on “safe haven” purchases fueled by today’s news of additional tariffs assigned to Turkish imports of aluminum and steel. Although battling to finish the week in positive territory as the $US reached its 13-month high, Friday’s release of increased inflation (CPI) for the month of July gave some additional support. Gold’s recent low of $1,210.70 reached on July 19th should offer a technical support with $1,204.00 low reached on July 10th, 2017 as the fall back level.
Gold slid today to $1,209.00 after gaining momentum Friday due to last week’s mediocre jobs report. Currently down $5.70, gold is nearing the $1,200 threshold as it’s feeling the pressure of a surging dollar, which reached its highest level in over a year this morning.
Gold is up this morning $4.40, currently trading at $1,215.60 after China announced its latest threats against the US to impose tariffs on $60 billion worth of goods early this morning. Today’s jobs report fell short of analysts’ expectations with the creation of 157,000 jobs in July (vs 193,000 predicted), however, unemployment did fall to the predicted 3.9% level.
Gold is down $7.10 this morning, currently trading at $1,217.60—its lowest level in nearly two weeks. The drop comes as the dollar firmed up ahead of today’s Fed meeting. Interest rates are expected to remain at their current level, but today’s minutes will likely point to growing confidence in the economy and signal two additional hikes this year.
Gold is trading at $1,223.40, up only $0.10, and seems unable to capitalize on a weakening US dollar this morning. Stocks are trending down as well, fueled by the tech industry after Facebook suffered a single day loss of about 20% last week and is down about 4% already this morning.
Gold remains down in the $1,225.00 range after today’s GDP data showed the US economy grew at a rate of 4.1% in the second quarter, up from 2.2% in Q1. It’s the highest rate of growth since 2014 and strengthens the Fed’s argument for 2 additional interest rate hikes this year.
Gold rebounded this morning and is currently trading at $1,231.00 (+$5.20) thanks to a weaker dollar ahead of today’s US-EU talk. President Trump and European Commission President Juncker are meeting today to discuss the already tense subject of trade between the EU and US.
Gold dipped this morning to the $1,225.00 range after rebounding from its lowest price in a year late last week. Gold’s still up about 1% from last week’s low as the US dollar pulled back today after President Trump’s comments criticizing the Fed’s hawkish stance on interest rates.