No thanks to regular trading, gold took back some of its recent losses today, rising about 0.37%. It was all done on the back of a softer U.S. dollar. Silver did far better, rising on regular trading as well as the weakness in the greenback.

There are a number of reasons why gold trades lower or higher on a given day. Logically, we know that it can be a combination of factors. Today, we have but one.

Gold is off quite modestly we might note – about $2.50 at 4PM in New York.

Today we have to contemplate whether consumer confidence, that is the public’s “attitude” toward cutting loose and stoking the fires of higher spending, is an idea or a reality.

Gold Struggles Because Of Higher Dollar But Does Move Higher

There was a fairly important data release today that affected markets, although it will probably take another day before it is completely absorbed.

It seemed like business as usual today in the various markets that make the world go ´round.

The U.S. dollar was certainly stronger, although, except against the yen and Swiss franc – major haven currencies, there was nothing terribly unusual in the uptick. The greenback was up versus the yen by 1.35% and versus the franc by 1.20%.

Just as nature abhors a vacuum, investors abhor uncertainty. That is what is driving the market this week as we (still) await Fed chair Janet Yellen’s speech at the Jackson Hole Economic Policy Symposium.

For the record, here is a brief description of the symposium, taken from the website of the Federal Reserve Bank of Kansas City:

Fed Chairwoman Janet Yellen’s speech in front of important central bank executives from around the world is fast approaching. The long shadow of Friday’s address at Jackson Hole prompted gold investors to move off the sideline and, unfortunately, do some selling.

Two key releases of data are the true underlying fundamentals driving markets today. Certainly another little upward bump in the price of oil has helped stimulate U.S. equities, but it is the data that really counts.

Gold is down in afternoon trading by about 0.20%. Silver is much weaker, down over 2.00, on lack of industrial demand.

Flat as a pancake? Flat as a board? Flat as… markets at the end of August.

While we have to take seriously any statement from Federal Reserve regional bank presidents, not all comments are equal because not all Fed presidents are equal.