Gold Prices Pressured By Dollar Rally - 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 Prices Pressured By Dollar Rally

blog | Published On by
Gold Prices Pressured By Dollar Rally

Gold prices are lower this morning in New York after touching a six-week high in early trading. Some activity can also be attributed to profit-taking, as the precious metals sector has started 2017 with a roar.

Spot gold swung from highs above $1,190 an ounce just before the New York open, to the $1.183 range for a loss of $4.00. Spot silver had added 1.3% overnight on top the 1.3% gains it recorded at Tuesday's close. However, it followed gold down at the New York open.

Spot platinum flirted with the $990.00 level overnight, before giving up gains to fall modestly lower in the US. Palladium, which has been the best-performing commodity in 2017 so far, is down nearly 2% from Tuesday's close.

Precious Metals Roar Out of the Gate

As of Tuesday's close, precious metals are outperforming most of the commodities sector.


Palladium is the #1 exchange-traded commodity in the world in 2017, gaining $80.80 since January 3rd for a year-to-date performance of +11.83%.

Platinum is right behind its brother PGM, closing yesterday $75.50 higher for the year. This gives the rare white metal a 8.34% YTD gain, and puts it in second place on the global commodities chart.

Just a bit further down, silver has also been tearing up the streets, coming in at #4 on the global commodities chart. It is showing a 5.32% gain so far this year.

Gold is up 3.05%, showing a $35.50 year-to-date gain. This is enough for it to notch the 13th spot among the 56 commodities futures followed at

This action may be a re-positioning ahead of Donald Trump's first press conference since July 27. Precious metals have seen substantial gains to begin 2017, so profit-taking is very likely to be weighing on decisions by gold traders.

Outside Markets

Crude oil was just slightly above unchanged on Wednesday following losses to begin the week. WTI crude fell to a one-month low on Tuesday and is trading below $51 per barrel.

Do polymer banknotes burn? Do polymer banknotes burn?

In terms of foreign exchange, the British pound sterling has continued its collapse. The pound traded just barely above the $1.20 mark against the dollar. However, the weaker currency has helped stocks in the U.K. The leading FTSE 100 index is on a streak of nine consecutive trading sessions with all-time high closing numbers.

Meanwhile, instability and terror in Turkey have made the Turkish lira the leading contender for the "worlds worst currency" so far this year. The lira hit a new record low today as forex traders seem to believe the country's central bank lacks the will to use interest rate hikes to stem the decline.


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

Steven Cochran

Precious Metals Market Analyst
BS University of South Florida (2002)

A published writer, Steven's coverage of precious metals goes beyond the daily news to explain how ancillary factors affect the market.

Steven specializes in market analysis with an emphasis on stocks, corporate bonds, and government debt. He writes a monthly review of the precious metals markets for

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.