Spot gold was up slightly to $1,285/oz at the opening bell in New York on Thursday, but the yellow metal was still basically flat compared to yesterday morning.
After a week of trending lower on a more hawkish tone from the Federal Reserve, the precious metals look to be holding steady at their current levels. Spot silver was up 8 cents per ounce to $16.80/oz.
Platinum and palladium continued their strange dance with one another, as both metals traded in the $920/oz to $925/oz range. For the time being, palladium prices have actually overtaken platinum by a small margin. Year-to-date, palladium has advanced an impressive 35%, gaining over $240 per ounce over that span in terms of its nominal price. This is the first time palladium has been more expensive than platinum since 2001.
Here are Wednesday's closing numbers:
Gold: $1,282.40/oz (-$11.20, -0.87%) Silver: $16.73/oz (-6¢, -0.36%) Platinum: $918/oz (-$4, -0.43%) Palladium: $924/oz (+$14, +1.54%)
Dow Jones: 22,340.71 (+56.39, +0.25%) S&P 500: 2,507.04 (+10.20, +0.41%) Nasdaq: 6,453.26 (+73.10, +1.15%) WTI crude: $52.03/bbl (+15¢, +0.29%) DXY: 93.4 (+0.36, +0.38%)
The Department of Commerce submitted its final reading on second-quarter GDP on Thursday morning. The data showed an upward revision to 3.1%, which was better than expected. It marked the best quarter of growth in the U.S. since Q1 2015. The third quarter has been comparatively sluggish, closer to 2% growth, due in part to the destruction of hurricanes in the Southeast. Somewhat perversely, however, the rebuilding process will surely boost growth numbers going forward.
Wall St nonetheless opened lower this morning, with the Nasdaq leading the way 0.33% into the red. Global stocks were mixed. The dollar was also off slightly to 93.25 on the DXY index, which helped the beleaguered euro move back to $1.18. The yen traded at ¥112.5 to the dollar while the pound sterling rose just above $1.34.
Jobless claims came in higher than expected for last week, according to the Department of Labor. Initial unemployment claims rose by 12,000 to 272,000. This was also attributed largely to hurricanes affecting the Gulf Coast and U.S. islands in the Caribbean.
The markets' response to the gradual drip of details about President Trump's plan for tax cuts has spurred a selloff in government bonds. This pushed the 10-year Treasury yield up to nearly 2.35% on Thursday, a two-month high. Bonds eased in most of Western Europe, as well. Commodities benefited from the pause in the dollar rally, especially crude oil: WTI crude jumped about 1% in early trading on Thursday, breaking above $52.50 per barrel, its highest in more than five months.
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.