Gold futures basis the most active December contract gained $11 in trading today when compared to yesterday’s close and is fixed at $1875.30. Gold opened at $1875.40 and closed in essence unchanged creating a doji candlestick.

On Saturday Hamas, a militant group also known as the Islamic Resistance Movement initiated a surprise and coordinated attack on Israel by launching rockets at multiple cities. Hamas said it struck the Israeli cities of Jerusalem, Tel Aviv, Sderot, Ashkelon, and Ashdod with over 2,000 rockets.

The dollar is now in its third consecutive day of trading lower. The dollar hit its highest value of 107.05 on Tuesday, October 3. This is the highest value of the index and almost a year. The last time the dollar index was at 107 occurred at the end of November 2022.

The dollar is now in its second consecutive day of trading to lower values. The same is true for the U.S. 10-year and 30-year Bonds. However, this has not halted the recent and strong price decline seen in gold. The precious yellow metal has now had 9 consecutive days of lower closes.

The dollar opened at 106.81, traded to an intraday high of 106.97 (just below yesterday’s high), and then traded to a lower low and lower close than yesterday. Currently, the dollar index is down - 0.18% and fixed at 106.53. The chart below is a long-term daily Japanese candlestick chart of the dollar index.

Gold continues to trade under pressure trading dramatically lower for the last seven consecutive days. Today gold traded to a low of $1830.90, a low not witnessed in gold futures since Thursday, March 9.

This is the second largest monthly decline this year with only February having a greater devaluation of gold futures. In February gold prices dropped by $108.60 a decline of 5.37%, September will come in as a close second giving up $99.80 or 5.08%.

Apologizes for the delay in releasing today's interview with David Lin and me.

David Lin of the Daivid Lin report discuss the impacts to markets that a government shutdown may have, as well as the broader economic ramifications of the Fed's decision to keep rates high.

*This video was recorded on September 28, 2023

Gold pricing can best be characterized as having a virtual price meltdown this week. Since Monday gold has decreased by approximately $54 in value with two trading days remaining.

Gold futures had a double-digit price decline today with the most active December futures contract giving up $17.80 or 0.92%. As of 4:57 PM EDT gold futures are currently fixed at $1918.90 after opening this morning at $1935.10. Gold traded to a high of $1935.50 just $0.40 above its open, and a low of $1917.20.