Considering the impressive global equities recovery and rally resulting from bullish risk-on market sentiment, gold held up rather well this week. Even with yesterday’s strong $13 plus decline, the precious yellow metal will end the week with modest gains.
Except for palladium, all the major precious metals sustained strong declines today of 1% or greater. As of 3:30 PM Eastern standard time the largest decline was seen in platinum futures which gave up 1.94%, and after a $16.20 loss is currently fixed at $825.50. Silver was close behind giving up 1.75% on the day, and after a $.27 drawdown is currently fixed at $15.185.
Dollar weakness and bullish market sentiment have moved gold prices substantially higher today. As of 3:30 PM Eastern standard time spot gold is currently trading at $1310.80. The current price of spot gold reflects a net gain of $9.40 on the day.
Today in a vote of 391 to 242, the U.K. Parliament rejected Teresa May’s Brexit deal. This is the second time the British Parliament has rejected the Prime Minister’s proposed Brexit deal.
In a rare ‘60 Minutes’ interview on Sunday, Chairman Powell’s very first question was, “What are the greatest threats to prosperity. Have you stopped raising rates?”
