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Spot Gold Flat Amid Quiet Markets

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Spot Gold Flat Amid Quiet Markets

On Wednesday morning, gold was mostly flat, down about $2 per ounce to $1,292/oz. The precious metals didn't show any strong reaction to the news of a "lone wolf" incident in France and a terrorist attack on Iran's parliament. Spot silver was similarly down just 2¢ to $17.66/oz. The Platinum Group Metals were actually deeper in the red, down more than 1% each.


Yesterday, the metals each closed firmly higher. The spot gold market surged $14.30 an ounce (+1.12%) to $1,294.60/oz, approaching a new seven-week high. Silver prices jumped 0.88% to $17.64/oz, while platinum and palladium were up about 0.75% and 1.25%, respectively.

Stocks in the U.S. have continued to eke out all-time highs this week, though the big flurry of events scheduled for tomorrow—the U.K. elections, Comey's testimony to Congress, and the ECB meeting—are likely to spark far more volatile action. Don't expect much movement today ahead of those key moments tomorrow. The 10-year Treasury yield was just one basis point higher at 2.15%.

There are rumors that lower energy prices could potentially sway the ECB to cut its inflation outlook tomorrow, even as inflation has been accelerating gradually around the continent over the past several months. The euro has rallied to $1.12, though much of this is simply owed to the dollar sliding backward.

By Stasyan117 (Own work) [CC BY-SA 4.0], via Wikimedia Commons By Stasyan117 (Own work) [CC BY-SA 4.0], via Wikimedia Commons

If there is one thing that could be a disruptive force on Wednesday, it's the news that Islamic State (Daesh) is taking credit for the ongoing terror attack on Iran's parliament. At least 12 were reported dead. The terrorists, which included gunmen and suicide bombers, also desecrated the shrine to Iran's revolutionary leader, Ayatollah Khomeini. The attack is another reminder of the fault lines between Sunnis and Shias in the major powers of the Middle East. Meanwhile, U.S.-backed forces have also just launched their assault on Raqqa, Syria against the Islamic State.

In a separate incident, there was some alarm on Tuesday when a man wielding a hammer attacked a police officer near the Notre Dame cathedral in France. While the assailant claimed allegiance to the so-called "caliphate" of Daesh, he is believed to have acted alone. He was apprehended before anything more than minor injuries were inflicted.


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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