Gold Price Up Slightly On Columbus Day - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

Gold Price Up Slightly On Columbus Day

blog | Published On by
Gold Price Up Slightly On Columbus Day

Spot gold rose modestly when markets opened this morning, adding about $4 per ounce (+0.3%) to $1,280/oz, although the yellow metal traded as high as $1,285/oz earlier in the session. Monday is a bank holiday in the U.S. due to observance of Columbus Day, so there will be no trading of Treasurys today. Wall St is still open, though trading is also closed in Japan, Korea, and Taiwan. Chinese markets reopen after being closed for holiday all of last week.

Meanwhile, spot silver gained 6¢ to trade at $16.87/oz. Platinum and palladium were each about unchanged at their previous close, trading in virtual price parity with one another.

Here are the closing numbers from Friday:

Gold: $1,276/oz (+$8.20, +0.65%) Silver: $16.81 (+23¢, +1.42%) Platinum: $914/oz (+$1, +0.11%) Palladium: $914/oz (-$20, -2.14%)

Dow Jones: 22,773.67 (-1.72, -0.01%) S&P 500: 2,549.33 (-2.74, -0.11%) Nasdaq: 6,590.18 (+4.82, +0.07%) DXY: 93.79 (-0.10, -0.11%) WTI crude: $49.25/bbl (-$1.54, -3.03%)

Some of the action on Monday, especially for gold, was driven by rising geopolitical tensions. This is not limited to North Korea, however. The United States and Turkey are now in the early stages of a diplomatic kerfuffle over Turkish authorities increasingly accusing American agents of supporting the failed coup in the country last summer. President Erdogan has since greatly consolidated his power.

A Turkish citizen working at the U.S. consulate in Istanbul was arrested a few days ago in connection to such accusations, and now both countries have placed a freeze on visas for people traveling to the other. The Turkish lira tumbled almost 6% in response to the news.

While the gold market is now finding equilibrium around $1,280 per ounce, the late-September selloff has the upside of shaking some of the "soft money" out of the market (i.e. those only committed to gold for the short-term).

Despite the huge gains against the lira, the dollar was down slightly to 93.7 on the DXY index overall. This was partly due to the British pound sterling rebound about 0.6%. THe U.S. 10-year bond yield last traded at 2.36%.

Stocks in Europe rose modestly today after German industrial output posted its best month in six years. Spain's IBEX index rose 0.7% after analysts began to conclude that any disruption caused by the Catalonia independence movement will be contained to Spain, and not spread across an already fractured European cultural landscape.

This will be a fairly active week for the financial markets, with the autumn IMF meeting taking place; the minutes from the September FOMC meeting will be released; and Wall St firms will begin reporting third-quarter earnings.

 

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

This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.