Metals declined Wednesday after gaining yesterday on CPI data that showed prices didn’t increase to the extent experts predicted in August, sending Treasury yields down and gold and silver up. Currently, gold is down $13.00, trading at $1,792.30. Equites are up across the board, trying to regain some of yesterday’s losses brought on by the CPI and regulatory and growth concerns centered around China.
Gold remains relatively flat to begin the week, currently up $3.00 trading at $1,793.50 while stocks are mixed heading into the final half hour of trading. The Dow is up over 200 points, the S&P 500 is nearly flat, and the Nasdaq is down 0.16%. CPI data tomorrow and retails sales later in the week should provide investors with some gauge of which way prices are trending, potentially rattling markets giving their heightened reactions to anything inflationary in recent months.
Gold and silver continued their see-saw trading today, dropping after rising yesterday. For the week, metals are firmly in the red, with gold and silver down 1.8% and 3.6%, respectively. Stocks are down across the board, looking unlikely to snap a four-day losing streak, as COVID concerns and now rising tension between the US and China after President Biden and Xi’s call weigh on investors.
Gold and silver are firmly in the red mid-week, trading at $1,793 and $24.05, down nearly 2% and 3% respectively from Friday’s closes. After stocks initially rose on Friday, August’s abysmal jobs report is weighing on equities as the three major indices are down across the board and the S&P 500 and Dow are poised to post back-to-back losses in this shortened trading week.
Gold and silver surged today after July’s employment data came in well below estimates as only 235,000 jobs were added for the month (vs. 720,000 expected). Gold is up $22.00 trading at its highest level since June, and silver is up nearly 4% for the day, trading at $24.78. Stocks plunged on the report but have since recovered most of their losses with the Nasdaq and S&P turning positive for the day. Bad news is good news for stocks if it will pushback Fed tapering, which a job report like today’s could do.
Gold is near its month-high while silver is trading at its highest level since it plunged on August 6. Metals begin September strongly. Gold is hovering around $1,815.00 while silver is up 1% for the day, trading at $24.22. After a brief respite yesterday, stocks are up across the board, trying to carry August’s momentum in September, which traditionally is the worst month for stocks.
Gold and silver pulled back from last week’s highs but are still trading well above their August lows. Gold is currently trading at $1,811.00, while silver is hovering just under $24.00, down about 0.5% today. For the month, gold is trading almost exactly where it began while silver is down nearly 6%, even after last week’s surge. Stocks continue to extend gains as the S&P 500 and the Nasdaq are on pace for another record close after Jerome Powell’s comments on the nature of upcoming Fed tapering, seemed to have appeased markets for now.
Metals and equities surged in tandem today as Fed Chair Jerome Powell clarified the Fed’s tapering timeline and emphasized its focus on asset repurchases only, and that raising interest rates is not part of the current plan. Gold and silver are poised to close the week up over 2% and 4% respectively. Stocks are also firmly in the green with the Dow up 260 points and the Nasdaq and S&P 500 both trading near today’s highs on pace to post record closes.
Gold and silver dipped today as the US dollar gained back some of its recent losses but both metals are still up significantly for the week. Gold is currently trading at $1,791, up about 0.6% for the week and silver is up nearly 4% since last Friday. Stocks gained Wednesday as the S&P 500 and Nasdaq reached record highs and the Dow rose 39 points. All eyes are on this week’s Jackson Hole symposium which will kick off tomorrow and could provide better insight into the Fed’s tapering timeline.
Gold and silver fell today in early trading as retail earnings this week continued to beat estimates, a good sign for economic recovery. FOMC minutes released today show the Fed is preparing to taper its asset repurchases as early as Q4 2021 which was sooner than markets expected, causing equities to drop and gold to rise. Currently, gold is trading just under $1,790.00, close to its best price of the week while stocks had their worst day in nearly a month with the Dow dropping 382 points, and the S&P 500 and Nasdaq falling 1.07% and 0.84% respectively.