The precious metals complex is trading fractionally lower today as U.S. equities continue to rise. Given that US equities are only fractionally higher gold, silver and platinum are all trading fractionally lower. This all-in light of dollar strength providing some headwinds to any potential gain.
As of 3:30 PM EST gold futures are currently trading down $0.70 (-0.05%), with the most active February contract currently fixed at $1479.80. Palladium futures are down $43.80 which is a decline of 2.23% and fixed at $1919.80. Silver is off by about 4/10 %, currently trading at $17.05, and platinum... Read more
Gold prices may have bottomed, and it’s only a matter of time before the next leg-up in prices take effect, this according to Gary Wagner, editor of TheGoldForecast.com.
“This is an extremely, extremely good year for the price of gold,” Wagner told Kitco News. “That being said, I believe right now we have been forming a base, roughly around $1,450.”
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you... Read more
As of 4:00 PM EST gold futures basis the most active February contract lost $0.30, and is currently fixed at 1480.90. This fractional decline of -0.03% is lower in light of dollar weakness, with the dollar index currently down by -0.15% and fixed at 96.60.
After reaching a high of 98.50 at the end of November, the U.S. dollar index has lost almost 2% in value when weighed against a basket of six foreign currencies. The dollar reached a yearly high on two occasions this year, trading to 99.33 at the beginning of September, and forming a double top on October 1, when the index climbed to 99.30... Read more
To say that this week contained multiple events that had a large impact on the market would be an understatement. First the last Federal Reserve FOMC meeting was held this week, and yesterday Trump announced that the United States and China have agreed to a phase-one trade deal.
In a statement by the Federal Reserve on Wednesday, which included an updated “dot plot” laying out the Fed’s monetary policy for years 2020, 2022, and 2023, it clearly said that the fed funds rate will remain unchanged throughout 2020. The majority of voting members projected that rates in 2020 would remain the same... Read more