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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%.…

'Bears are in control' of gold price: will next week's Fed announcement be a shocker? After falling $40 this week, gold bears are in control of the market with all eyes on what could be a hawkish Federal Reserve meeting next week, according to analysts. Gold dropped to four-week lows on Thursday, falling from above $1,790 an ounce to $1,750 an ounce after much stronger U.S. retail numbers. This is big news ahead of the Fed's interest rate announcement on…

Gold fails to hold the key psychological level of $1,800 After yesterday's moderate upside move taking gold above $1,800, technical selling pressure resulted in gold breaking back below $1,800. Yesterday the Bureau of Labor Statistics released its inflationary report for August, indicating that the CPI (Consumer Price Index) increased by 0.3% last month. August’s rise in inflationary pressures came in under estimates by economists polled by the Wall Street Journal, who were expecting an increase of 0.4%. The Bureau of…