Gold Price Steady Near 4-Month Low - Gainesville Coins News
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Gold Price Steady Near 4-Month Low

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Gold Price Steady Near 4-Month Low

As second-quarter earnings on Wall St are beginning to be reported, U.S. markets opened mixed on Monday. The precious metals fared worse, though spot gold was down just 0.2% to $1,210/oz this morning.

Meanwhile, spot silver continued to tumble, losing almost 2% to trade 30¢ per ounce lower at $15.27/oz. Platinum and palladium each lost over 1%.

Here are Friday's closing numbers:

Gold: $1,212.20/oz (-$12.80, -1.04%) Silver: $15.58/oz (-44¢, -2.78%) Platinum: $906/oz (-$3, -0.33%) Palladium: $834/oz (+$2, +0.24%)

Dow Jones: 21,414.34 (+94.3, +0.44%) S&P 500: 2,425.18 (+15.43, +0.64%) NASDAQ: 6,153.08 (+63.62, +1.04%)

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Investors have continued to sell-off traditional safe havens like gold and government bonds, pushing the benchmark 10-year Treasury yield up to 2.38%. Some analysts are calling for the 10-year note to fall as far as a 3.00% yield before year's end. If nothing else, it looks like a good time to buy gold on the dips.

Consequently, as the markets begin to shun safer assets in favor of taking on more risk, the stock market has been the beneficiary of the shift in investor interest. Equities were mostly higher across Europe and Asia on Monday, while Q2 earnings from some of the biggest companies in the U.S. are expected to be reported later this week.

While the G-20 summit in Hamburg, Germany was highly anticipated as one of President Trump's first major diplomatic tasks since taking office, the meeting offered less fireworks than many had expected. In fact, it's telling that much of the media focused on the fact that President Trump chose his daughter, Ivanka, to sit in for him at the summit while he held bilateral discussions with other world leaders on the sidelines. Several other world leaders agreed that there was nothing unusual about the arrangement.

In the oil market, WTI crude futures fell below $44/bbl as traders continue to anticipate a negative outlook for crude oil. There are rumors that OPEC may require certain members, like Nigeria and Libya, to place even greater curbs on their production to support higher prices. The dollar was slightly higher on the DXY index, adding about 0.1% to 96.1.

 

The opinions and forecasts herein are intended solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.

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