Gold Values Ease as Investors Await News

Cassie Bastien

8/24/2017 1:18:07 PM

Daily Gold & Silver Market Report – 08/24/2017

The Economic Policy Symposium, which begins Thursday in Jackson Hole, Wyo., has gained the attention of investors even as President Donald Trump threatened to shut down the government. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are set to speak Friday regarding the outlook for monetary policy and further interest rate hikes. As Reuters Reporter Apeksha Nair explained, rate hikes “increase the opportunity cost of holding non-yielding bullion, while boosting the dollar,” which causes the value of Gold as well as other Precious Metals to be sensitive to these moves. Naeem Aslam, chief market analyst at Think Markets, responded to President Trump threats of shutting down the government and terminating the North American Free Trade Agreement, saying, “This entire situation would continue to help Gold in the short and longer term. The big upward push for the Gold price which we are not seeing is because of the possibility of some unexpected hawkish comments by Janet Yellen during her upcoming speech.”

• Spot Gold may test a resistance at $1,294 per ounce, a break above which could lead to a gain to the next resistance at $1,297, Reuters Technical Analyst Wang Tao said.
• Among other Precious Metals, Silver was nearly unchanged at $17 an ounce, while Platinum edged 0.3 percent lower to $973.30 an ounce. Palladium fell 0.5 percent to $928.00 per ounce (NASDAQ.com).

The Dow is Down but Not Out

The Dow Jones industrial average dropped nearly 600 points, or 2.6 percent, off its high from August 8, said GoldSeek Reporter Mike Golembesky. However, in broader terms, these ‘lows’ are minimal and will need to continue fir analysts to confidently say the bottom has been reached. Golembesky expects volatility in the coming weeks, and even months, which would support movement within markets, including commodities. Until the Dow reaches lows near the 20k mark, Golembesky advises to not count it out just yet.

At 2:17 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,289.30 Down $2.60
• Silver, $17.04 Down $0.10
• Platinum, $982.20 Up $2.30
• Palladium, $938.90 Up $2.90

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