October 2017 Monthly,

Gold prices fell for the second month in a row in October, declining $12.70/oz. or 0.99% to $1,270.80/oz. Prices declined 2.91% in September. For 2017, gold prices are up $118.80, or 10.31%. September and October price action has erased August’s 4.14% gain.

Gold prices closed higher in 8 of the first 10 trading days of October. The month began with prices trading $1,280.00. The low for the month, $1,261.00, was seen on the 6th–but the market closed $16.00 above the low, setting the stage for a 5 day rally. September non-farm payrolls, released on the 6th, were negative. Reports North Korea might set off another nuclear missile as well the Catalonian independence movement set the geopolitical backdrop of the first half of the month; by mid-month Iran was in the news as well.

The high for the month, $1,305.75, was seen on the 16th; prices closed $10.00 below the high and a downtrend ensued, with prices dipping to $1,263.50 on the 27th. Concerns President Trump would replace Fed Chair Yellen with a hawk; tax reform discussions in Washington, a stronger dollar and record equity market closings; a dovish ECB; selling in GLD and consistent liquidation of managed money positions on Comex set the context for the second half of the month.

In other metal markets, silver prices eked out a small gain of $0.065 (0.39%). Palladium prices added 4.96% while platinum prices added 0.75%. Copper prices gained 5.52%. In oil, CME crude prices rallied 5.24%.

Historical Trends & Pricing

Brochures

Commentaries

November 13, 2017
Gold prices are trading $1,279.00 this morning, up $3.50. On Friday, in a burst of volume equivalent to 4 million oz., gold prices traded down in an over $10 range in approximately 10 minutes during the half-hour starting at 11am ET. Prices recovered modestly to close the week at $1,275.50, for a weekly gain of just over $7.00.

November 10, 2017
Gold prices are trading $1,285.00/oz. this morning, unchanged on the day. Prices are up $17.00 from last Friday’s close. Some analysts see progress on US tax reform as more uncertain. The dollar is lower today and 10-year Treasury yields are up 2 basis points. Oil prices look to be heading for another weekly rally, the 5th in a row.

November 08, 2017
Gold prices are trading $1,281.00/oz. this morning, up $6.00 despite recent strength in the US dollar. China’s gold reserves were unchanged in October. The largest gold producer as well as the largest consumer, China’s gold production fell nearly 10% in the first half of 2017 according to the GFMS World Gold Survey.

November 06, 2017
This morning, gold prices are trading $1,272.00/oz., up $2.00. Over the last 3 weeks, gold prices have fallen nearly $36.00, or 2.7%, while the Bloomberg US Dollar Index has rallied 1.99%. The 100-day moving average is approx. $1,276.20 and the 200-day $1,261.90. The US unemployment rate in October, released Friday, was 4.1% for a 17-year low.

November 03, 2017
Gold prices are trading $1,275.50/oz. this morning, down $0.50. Yesterday, Powell was picked to be the new Fed chief. Yesterday, Gold prices traded as high as $1,284.00 in a day when GLD holdings fell 114K. Non-farm payrolls (8:30am ET) are expected to jump by 313K following the hurricane; the rate itself is expected unchanged at 4.2%.

November 1, 2017
Gold prices are trading $1,279.00/oz. this morning, up $8.00 and above the 100-day moving average (approx. $1,275.70). The Fed is not expected to move today, but the market will parse the 2:00pm ET statement for indications of a hike in December. China’s gold consumption is up 15.49% in Q1-Q3. Nickel prices rallied over 5% yesterday.

October 30, 2017
This morning gold prices are trading $1,272.50, down $1.00 on the day but $9.00 above Friday’s low. Catalonia declared independence from Spain Friday. The Fed meets Wednesday while Japan’s central bank starts a 2-day meeting tomorrow. Unemployment comes out Friday. Managed Money traders cut their net gold futures long for a 6th week, but by less than 1%.

October 27, 2017
Gold prices are trading $1,265.00 this morning, down $1.00 and a 3-week low. The dollar is trading at a 3-month high against the euro. Today the ECB indicated it will continue its bond buying program but at a reduced pace, in contrast to the Fed, who the market believes will tighten this year.

October 25, 2017
Gold prices are trading $1,273.50/oz., down $3.00 against the backdrop of a strong dollar, a record close in the Dow and higher US 10-Year Treasuries, which are yielding over 2.40% for the first time since May. President Trump is considering whether to replace Fed Chair Janet Yellen with someone more hawkish; he should announce his decision by early November.

October 23, 2017
Gold prices are trading $1,276.00/oz. this morning, off $4.00 from Friday and following a decline of $24.00 last week. Prices are very close to the 100-day moving average (approx. $1,275.80). The US dollar is firm against the Yen following elections in Japan. The Managed Money net long Comex gold futures position has fallen 33.1% in the 5 weeks ending October 17.

October 20, 2017
Gold prices are $10.00 lower this morning, trading $1,281.00. On the week, prices are $23.00 lower but are up $4.00 from 2 Fridays ago. The US dollar is stronger; yesterday the Senate took a step toward tax reform that would result in $1.5 trillion in cuts. The S&P 500 settled at a record high.

October 18, 2017
Gold prices are trading $1,280.00 this morning, down $5.00, after losing $9.00 on Monday and another $10.00 on Tuesday. The 100-day moving average stands below at approximately $1,275.40. A Reuters poll of some economists indicates hawk Jerome Powell could be Trump’s appointment to Chairman of the Federal Reserve, replacing Janet Yellen.

October 16, 2017
Gold prices are sitting above $1,300.00/oz. this morning, trading $1,305.00, up $2.00 on the day. Geopolitical concerns over Iran and North Korea are in the headlines. Speculative traders cut their net long Comex gold futures position for a 4th week in the week ending October 10. The US dollar index is modestly higher.

October 13, 2017
Gold prices are trading $1,294.00 this morning, down $1.00 but up $18.00 from last Friday. Wednesday afternoon Fed minutes suggest a third interest rate hike is planned for 2017 but that the US central bankers are concerned about low inflation. Reports indicate the European Central Bank plans to reduce their bond buying pace by half or more next year.

October 11, 2017
This morning gold prices are trading $1,291.00/oz., up $1.00 on the day as the rally from the recent low on October 5th ($1,261.00) continues while the Bloomberg US Dollar Index, currently trading 93.084, continues to trend down from the recent high on the 5th (93.961). Catalonia’s leader avoided declaring independence from Spain.

October 09, 2017
Gold prices are trading $1,283.00 this morning, up $6.00 from Friday’s close and up $22.00 from Friday’s low of $1,261.00. There is concern North Korea will test another missile. Friday, September non-farm payrolls fell 33K vs. an expected increase of 80K, while the unemployment rate dropped to 4.2%. Chinese traders are back from a week off.

October 06, 2017
Gold prices are trading $1,268.50 this morning. Consensus for today’s US non-farm payrolls report is 80K. The 100-day moving average stands at $1,273.00 and the 200-day at $1,252.00. Dollar strength continues. The S&P 500 closed at record highs yesterday for a 6th day running.

October 4, 2017
Following yesterday’s decline to $1,268.00, a level not seen since mid-August, gold prices are higher this morning, trading $1,276.00 and up $4.00 on the day. The 100-day moving average currently stands near $1,272.75. GLD holdings rose 1.55 million oz. in September; in 2 days trading in October holdings have fallen 332K oz.

October 2, 2017
Early this morning, Gold prices stand at $1,273.00, down $7.00 from Friday and off $84.00 from the year’s high of $1,357.00 achieved on September 8. The Bloomberg US Dollar Index is higher this morning, continuing a rally that commenced around the same date. Ten-year US Treasuries are yielding 2.35%, up 2 basis points on the day and over 30 basis points since September 7.

September 29, 2017

This morning gold prices are trading $1,285.00, down $2.00 from yesterday and down $13.00 on the week. The dollar is holding its recent gains. Ten-year US Treasuries are yielding 2.31%, up 6 basis points on the week. Gold holdings have risen 275K oz. (1%) thus far this week.

September 27, 2017

After falling $10.00 yesterday, gold prices are down an additional $4.00 this morning, trading $1,289.00.  Yesterday, Fed Chair Janet Yellen said she was wary of moving too gradually with respect to interest rate increases.  The Bloomberg US Dollar Index is up today and has strengthened nearly 1.8% since September 19.

September 25, 2017

Gold prices are trading $1,292.00 this morning, down $5.00 in the wake of a stronger dollar and a quiet weekend with respect to North Korea.  Following elections in Germany this weekend, the euro moved down as a re-elected Angela Merkel will need to build a coalition to govern.

September 20, 2017

Following President Trump’s UN speech offering annihilation of North Korea yesterday and ahead of the Fed monetary policy statement at 2:00pm ET today, gold prices are trading $1,315.00, up $4.00.  The market awaits guidance from the Fed related to the reduction of its balance sheet and interest rate movements for the rest of 2017 and into 2018.

September 18, 2017

This morning gold prices are trading $1,315.00, down $5.00.  The S&P 500 is over 2500.  The 2-day Federal Reserve meeting begins tomorrow.  The Committee is expected to keep rates unchanged and address balance sheet reduction.  President Trump speaks at the UN tomorrow.  The Comex gold futures Managed Money net long position is 253.5K contracts, within approx. 20K of its all-time high.

September 13, 2017

This morning gold prices are trading $1,333, up $1.00.  Yesterday prices dipped as low as $1,322 as the S&P500 and global equities  touched new highs.  President Trump said UN sanctions against North Korea were nothing compared what needs to happen.  GLD holdings have risen nearly 714K oz. (2.7%) in September to 26.96 million oz.

September 11, 2017

After trading up to $1,357 on Friday, this morning gold prices are trading $1,335, down $13.00 on the day.  The dollar is rallying while 10-year US Treasury yields are 6 bp higher at 2.11%.  Commentators observed that Hurricane Irma’s damage was not as bad as it could have been and North Korea was quiet this weekend. 

September 8, 2017

After approaching $1,360 earlier, gold prices are trading $1,353, up $4.00 on the day following yesterday’s $15 rally.  Dollar weakness continues—the euro is above $1.20 on expected strong European growth and talk of European Central Bank tapering.  10-year US Treasury yields continue to decline (currently 2.03%).  North Korean tensions, massive hurricanes and now an earthquake in Mexico are in our headlines today.

September 6, 2017

Gold prices are trading $1,338/oz., one-year highs, after testing $1,345.00 yesterday, when 10-year US Treasury yields dropped 10 basis-points.  The US Dollar Index is weak at January 2015 levels, as Washington is tasked with passing funding for hurricane relief and extending the debt ceiling.  Silver prices are trading near $18/oz., a level not seen since April.

August 30, 2017

After trading as high as $1,325.00/oz. yesterday, following the North Korean missile launch and the euro trading at a 2-year high against the dollar, this morning gold prices are trading $1,311.00, up $2.00. GLD holdings have risen nearly 790K, or 3.10%, thus far in August. Copper prices at 3-year highs are firm again today. Hurricane Harvey has closed 20% of US oil refinery capacity.

August 28, 2017

Gold prices are trading $1,298.00 this morning, up $7.00 following a volatile Friday. About 20 minutes before Fed Chair Yellen spoke on Friday, over 20K Comex Gold futures contracts were sold in a minute. Prices traded as low as $1,276.50 on Friday but recovered after her speech, which many perceived as dovish. After ECB head Draghi’s speech, the euro moved higher.

August 25, 2017

Gold prices are unchanged this morning at $1,287.00.  Markets will listen for forward guidance on interest rates when Federal Reserve Chair Janet Yellen speaks at 10 a.m. ET and ECB head Mario Draghi speaks at 3 p.m. ET today.  The US Dollar Index is down slightly at 93.17, 10 year Treasuries and German Bunds are yielding 2.19% and 0.40% respectively.

August 23, 2017

This morning gold prices are trading $1,287.00/oz., up $2.00.  The US Dollar Index is down slightly at 93.40 and 10 year US Treasuries are yielding 2.21%, 3 basis points higher than the August low hit on Monday.  Fed Chair Janet Yellen and ECB President Mario Draghi both speak at Jackson Hole Friday.

August 21, 2017
Gold prices are trading $1,288.00 this morning, up $3.00. Friday prices traded above $1,300.00. Federal Reserve Chair Janet Yellen speaks Friday morning. Managed Money traders added to their net Comex gold long positions for the 5th week in a row. Most base metals have rallied significantly this month, lead by zinc prices.

August 18, 2017
This morning, gold prices are trading $1,295.00/oz. Prices are moving higher for the third day in a row. Equity prices fell yesterday; perhaps investors are sensing the odds of passing key Trump agenda items. Tax reform and infrastructure spending are declining against a backdrop of disarray in Washington.

August 16, 2017
After declining $18.00 over the last 2 days as the US Dollar Index strengthened, gold prices are down another $1.00 this morning, trading $1,271.00. Retail sales were stronger than expected yesterday. Fed member Dudley thinks a rate rise may be needed before the end of 2017. The minutes from July’s FOMC meeting will be released at 2:00 ET today.

August 14, 2017
Gold prices are ticking $1,281.50/oz. this morning, down $8.00. The message from top senior Washington security officials this weekend: there is no indication war with North Korea will break out. The US Dollar Index is slightly higher and 10-year Treasury yields are up 3 basis points to nearly 2.22%.

August 11, 2017

This morning gold prices are trading $1,287.00/oz., up $1.00 after rallying $27.00 in the last 2 days. North Korea security tensions continue to run high; yesterday, Trump said fire and fury might not be enough. Ten-year US Treasury yields fell 5 basis points yesterday and stand at 2.19%. Through yesterday, GLD holdings are down 160K or 0.63% in August.

August 09, 2017

Gold prices are higher this morning, up $7.00/oz. at $1,268.00.  Yesterday President Trump said North Korea would face “fire and fury like the world has never seen” unless it stopped threatening the US.  In response, North Korea said it was considering a strike on Guam, the US territory in the Pacific. 

August 07, 2017

Gold prices are trading $1,257.00/oz., down another $2.00 this morning following a $10.00/oz. decline Friday, when strong US unemployment data was released, 10-year Treasuries gained 5 basis points and the Bloomberg US Dollar Index rallied 0.76%.  Today Treasuries are unchanged, the dollar is modestly lower and equities are firm. 

August 02, 2017

This morning gold prices are trading $1,267.00/oz., down $2.00. Dollar weakness remains, with the Bloomberg US Dollar Index touching 31-month lows. Palladium is up for an 8th day in a row, trading over $900.00/oz. The Trump administration is opening an inquiry into China’s trade practices. The market awaits Friday’s unemployment report (expected 4.3% rate and 178K non-farm payrolls change).

Sign Up to receive the latest news and research

For Email Marketing you can trust