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Dollar strength today is equal to gold weakness in terms of percentage gain and decline A surging U.S. dollar continues to pressure gold resulting in a further price decline. Yesterday the dollar index closed at the highest level this year, and today the dollar rally continued and resulted in a new record high for the year. As of 4:30 PM EDT, the U.S. dollar index is up by+0.68% and gold futures are down by -0.68%. This means that the percentage…

Gold price sees double-digit drop as Yellen says failure to raise debt ceiling will trigger financial crisis, undermine U.S. dollar If the debt ceiling is not raised in time, the U.S. will default, which would trigger a financial crisis and undermine the U.S. dollar, U.S. Treasury Secretary Janet Yellen told the U.S. Senate on Tuesday. "If the debt ceiling is not raised, there would be a financial crisis, a calamity. It would undermine confidence in the dollar as a reserve…

Gold has multiple factors and events to glean insight into the future direction The gold market will continue to keep its focus on the Federal Reserve. The recent FOMC meeting statement and updated monetary policy in regards to interest rates have contained any large moves in gold. The net result of a more hawkish Fed has resulted in a major uptick in the yields of 10-year Treasury notes, which is also supportive of the U.S. dollar. This week the Federal…

Gold and silver trade higher heading into the European open Gold and silver are both heading into the European session in positive territory. Gold is up 0.42% while silver has risen 0.89% respectively. In the rest of the commodities complex, copper is trading just above flat while spot WTI pushed 1.30% in the black. In terms of risk sentiment, the Nikkei 225 (-0.03%), ASX (0.57%), and the Shanghai Composite (-0.94%) were mixed overnight. Futures in Europe are pointing towards a…

Gold trades to a critical price support level this week nge on the day, and little change when compared to last Friday’s close. Gold futures basis the most active December 2021 contract is currently fixed at $1750.60, which is a net gain of $0.80 (+0.05%) on the day. Gold futures did trade with a lower high and a higher low when compared to yesterday’s trading range. The largest decline occurred yesterday, a delayed reaction to Wednesday's conclusion of this month’s…

$3,000 gold is this cycle's peak, and it's coming, here's why – David Garofalo

Gold loses post-FOMC price gains as Powell upbeat on U.S. economy prices are lower and near daily lows in afternoon U.S. trading Wednesday. This afternoon’s statement from the Federal Reserve’s Open Market Committee (FOMC) was deemed mostly neutral on U.S. monetary policy and actually rallied the gold market, initially. However, Fed Chairman Jerome Powell’s upbeat remarks on the U.S. economy and jobs-growth prospects dented the gold bulls’ enthusiasm as the U.S. dollar index rallied to its daily high while Powell…

Gold price steps up its safe-haven game as Evergnde rattles ramarkets After selling off $50 last week, gold is stepping up its safe-haven play as investors look for hedges amid Evergrande volatility. On Tuesday, gold saw double-digit gains triggered by a global equity selloff that boosted risk-off sentiment among investors. December Comex gold futures were last trading at $1,780.40, up nearly 1% on the day. When news of Evergrande, the prominent Chinese property developer, broke, there was no significant impact…

Gold recovers as worldwide equites selloff Gold truly acted as a safe haven asset today. Equities worldwide incurred a tremendously deep selloff as concerns about the Chinese property group Evergrande’s solvency. The worldwide equity selloff began overseas and then continued into the U.S. equities markets. At its low today the Dow Jones industrial average was down 900 points before recovering. The Dow gave up 614 points in trading today and closed at 33,970.47, resulting in a net decline of 1.78%.…