Gold prices remain steady for the time being, as the current gold price is $1291.00, while the price of gold is $1295.00 at the moment of writing this blog post. The price of gold has remained largely stable since the last year’s price of gold $1300.00 at present.
We have been in a bit of a lull lately, but I still believe there will be some pretty good movement going into the end of the month. Gold prices have been trending sideways for the past few months, and the month of October has been no different. October has seen gold prices range between $1,270 and $1,320 for the past week, and the overall trend has been pretty decent. But, as always, the month of October will be what decides the course of the entire year, so the price range will be an important key to a full year of gains or losses.
Ever since the announcement by the GoldCore that the price of gold will rise above $2000 an ounce by the end of the year, gold prices have remained steady. I have no doubt that the price of gold will rise above $2000 an ounce by the end of the year, as the global economy continues to grow. There are no major catastrophes or economic issues that will impact the global economy in the next year or so. In the past, when gold prices have risen above $2000 on the way to the year end, the gold price has not gone above $2000 at the end of the year. I do not believe that the gold price will rise above $2000 in the next few weeks.
- is trading just below the important $1900 level
- Small decreases at the end of a mostly positive month
- Many are not convinced by the Fed’s position
In terms of commodities, gold is coming in at the end of the week slightly lower than the past few days. Silver also decreased slightly during the European trading session. The former is still near $1890 and has posted impressive gains over the month. Traders in precious metals are now focusing on the new inflationary notes. A good indicator in this regard could be the PCE price index, which is considered a strong indicator by many commodity and gold traders.
Positive trade remains at high level
Although gold moved away from levels above $1900, it remains positive this week and provides good support for current prices after testing slightly lower. Yesterday’s US durable goods figures led to some growth-impeding selling pressure, as durable goods orders fell 1.3% in April. This was slightly more than expected and gave the market some food for thought on precious metals. This morning, prices managed to hold in the $1880-plus range despite incoming data from Europe, particularly from Germany, where import prices rose more in April than analysts had expected. Silver has also seen some selling, with the price falling below $28/oz, but like gold it remains well supported at these levels.
Total for precious metals
Despite this morning’s downward move, one can’t take the shine off what has generally been a very positive month for gold prices. After starting the month below the $1800 level, they are now trying to climb back up to $100 and could go even higher depending on how traders interpret the data released later. Many analysts believe there is room for growth if conditions remain favorable. That was the message from Credit Suisse staff today, which set a higher price target for the metal. They believe the price has the potential to test the current all-time high of $2075, although this is highly dependent on Fed policy and the future economic outlook.
Leave an opinion on the policy
The Federal Reserve has made it clear this week that it firmly believes that any inflationary pressures will be temporary, and that it will continue to work to keep them from materializing and to keep interest rates low for now. The decision was welcomed by stocks, but many commodity traders are holding back for now. This is reflected in rising government bond yields. Today’s PCE price index data is expected to move the charts and put the ball back in the Fed’s camp.Gold prices remained steady yesterday, as the threat of a trade war appeared to be behind gold’s recent price moves. Financial pundits are split between those who think that the standoff between the United States and China is over and that gold will continue its recent price moves, and others who believe that the United States will ease up on tariffs and that gold will continue to correct lower. Regardless of which side is correct, it’s clear that gold prices remain steady near year-end levels.. Read more about gold news and let us know what you think.
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