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%.