Gold Price Up to $1,335/oz After Paring Gains Overnight - Gainesville Coins News
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Gold Price Up to $1,335/oz After Paring Gains Overnight

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Gold Price Up to $1,335/oz After Paring Gains Overnight

Spot gold was up $5 (+0.4%) to $1,333/oz on Monday morning.

It fell from an overnight high of nearly $1,341. This was partly due to the dollar recovering during the early hours of the morning.

The silver price rose 9ยข (+0.6%) to $16.60/oz.

Platinum was steady around $1,000/oz. Palladium gained $12 (+1.2%) to almost $1,050/oz.

Precious Metals, Equities Start the Week Higher

Wall St opened higher, as well, after stocks rallied better than 1% on Friday.

Interestingly, the blue-chip Dow Jones index has been especially volatile in about the last hour of trading lately.

Such a pattern suggests either a degree of institutional coordination or a herd mentality moving the markets.

Shares were up in London and Europe on Monday, following U.S. indices higher. Asian markets were also solidly higher overnight.

Gold began the week off on the right foot. However, it gave back some of its gains in early trading thanks to the dollar rebounding.

The DXY index was only down modestly at 89.85. It was as low as 89.5 before trading opened in New York.

Most foreign currencies were essentially flat against the USD.

The 10-year yield eased three basis points to 2.84%. It continues to find fresh demand each time it approaches 3.0%.

Crude oil pulled back from its recent rally. WTI crude fell 0.25% to $63.40 per barrel and Brent crude was off 0.4% to $67/bbl.

Focus Turns Toward the Fed and Inflation

The markets will get an early look at the new Fed chair when Jerome Powell is grilled by a pair of congressional committees this week.

The new head of the Federal Reserve is expected to let inflation run higher for the sake of promoting consistent growth.

Janet Yellen's departure as chair adds some degree of uncertainty to the equation.

It's not just new leadership at the central bank that has the attention of investors and traders. Several Fed members will be speaking this week.

Today, St. Louis Fed President James Bullard and the new Fed Vice Chair Randy Quarles are giving speeches on monetary policy in Washington, D.C.

Market participants will be watching carefully for differences, if any, between Powell and his colleagues.

In geopolitics, the Chinese Communist Party has lifted restrictions on term limits for the party leader. This likely means that President Xi Jinping will remain in power for life as China's ruler.

 

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.

About the Author

Everett Millman

Everett Millman

Analyst, Commodities and Finance
Managing Editor

Everett has been the head content writer and market analyst at Gainesville Coins since 2013. He has a background in History and is deeply interested in how gold and silver have historically fit into the financial system.

In addition to blogging, Everett's work has been featured in CoinWeek, Advisor Perspectives, Wealth Management, Activist Post, and has been referenced by the Washington Post.

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