Gold is up slightly today, hovering right above the $1,800.00 after today’s Fed meeting and subsequent news conference by Fed Chair Jerome Powell. Metal prices see-sawed during Powell’s statements, reacting to every statement regarding rate hikes and inflation as investors pick apart every intention or tone in Jerome Powell’s comments. Stocks remain mixed heading into the final half hour of trading with the Dow down 80 points and the S&P 500 up 0.16%. The Nasdaq is the best performer today, up 0.85%, as positive tech earnings continue to roll in.
Stocks shook off early declines to close at record highs as investors look ahead to a big week of earnings. The Dow and S&P 500 each gained 0.24% today while the Nasdaq gained a paltry .03% to continue its winning streak with the other indices. New home sales dropped to their lowest level of the pandemic as ongoing supply issues continue to drive prices up, making new construction unobtainable for many. Gold is down slightly to begin the week, currently hovering just under $1,800.
Metals are on pace to close in the red with gold and silver down 0.6% and 1.8% respectively for the week. Stocks, which plunged on Monday in tandem with metals amid resurging COVID concerns, have since recovered and are on pace to close the week near record highs, after a rising 4 consecutive days since Tuesday. The Dow is up 230 points while the S&P 500 and Nasdaq are each up 1% midday.
Gold dipped today, currently trading at $1,804.00, after ticking below $1,800.00 earlier in the session. The drop comes as the 10-year yield jumped today, hovering just below 1.3%. Silver, however, is up 1.4% for the day, currently trading at $25.32. Stocks are up across the board with the three major indices, each gaining over 0.7% as earnings continue to beat estimates this week.
Metals, equities, and bond yields are all falling in unison due to reemerging COVID concerns as the Delta variant continues to spread at an increasing pace. Gold is only down about 0.3%, likely getting a boost from the 10-yield, which dipped below 1.2% for the first time in 5 months. Silver, however, is down over 2.5% today, currently trading at $25.10, its lowest level since April. The Dow is down nearly 900 points, on pace for its worst day of 2021 while the S&P 500 and Nasdaq are down 1.95% and 1.35%, respectively.
Gold and silver declined today in tandem in equities, as bond yields rose with the 10-year ticking above 1.3%. The relationship between inflation, yields and metal prices continue to be unpredictable. The ongoing debate on the transitory nature of current price increases, further complicates these relations. After a strong week, gold is poised to close slightly above last Friday’s closing price, and silver is on pace to close 1.3% in the red.
Gold is trading at $1,828.00, its highest level in nearly a month, after today’s CPI data showed that the cost of living rose in June at its highest rate since 2008, and prices rose 0.9%, nearly double estimates. Stocks began the day firmly in the green but stalled after CPI data was released to finish the day mixed. The Dow and S&P 500 gained just over 0.1% each and the Nasdaq dropped 0.2%.
Gold dipped today as the 10-year yield retook 1.35% after dropping to a 5-month low last week and silver is up slightly, trading at $26.30. The Nasdaq and S&P 500 both hit intraday highs today and are on pace to close at record highs. The Dow, which was in the red most of the day, has since turned positive and is currently up about 110 points. Q2 earnings kickoff tomorrow which could shake up markets and increase volatility.
Gold is trading at $1,811.00 and is currently up about 1% for the week while silver, which is up over 1% today, is still firmly in the red, down 1.3% since last Friday’s close. Stocks are rising across the board with the Dow and S&P 500 each up over 1% and the Nasdaq up 0.8%. With today’s gains, stocks are poised to end the fairly choppy, shortened trading week nearly right where they began.
Gold is trading above $1,800.00 again today after hitting a 3-week high yesterday, amid falling treasury yields. Yields continue their declines today, boosting metals even as inflation concerns seem to be diminishing. Stocks are mixed with the S&P and Dow up 0.21% and 0.08%, respectively, and the Nasdaq down 0.07%. Today’s FOMC minutes will likely expand on the Fed’s plan and timeline to pull back Covid related economic support.