Gold Charts Mark Second-Consecutive Gain

Cassie Bastien

10/5/2017 10:03:16 AM

Daily Gold & Silver Market Report – 10/05/2017

As investors eyed data ahead of the key nonfarm-payrolls report scheduled for Friday, the price of Gold marked its second-consecutive gain for the week, shedding light to some recent doubt for the yellow metal. The report is expected to show the affects of Hurricanes Harvey, Irma and Maria on job creation for September. Reporter Mark Decambre said the average estimates of economists polled by MarketWatch are for a gain of 75,000, compared with twice that figure in August, with the unemployment rate expected to hold steady at 4.4 percent. Gold has been pressured in recent weeks with a rising U.S. dollar, which has climbed 1.5 percent in the past month. However, with upcoming news raising concerns of investors, many traders expect to see Gold prices continue to rise.

Silver Price Rally Prediction

Shareholders are beginning to rethink their positions in regards to the gray metal as many predict a Silver price rally in the near future. A report from Commodity Trade Mantra said, “Those who had stayed by Silver should not lose faith.” Moreover, as the holidays near, the demand for Silver only rises. High sales of Silver in the fall and winter season are expected, in large part due to Diwali in India, and bullion traders and jewelers have stocked up heavily. Of course it makes sense to purchase Silver when prices are lower, and the upcoming surge could help the investment. Analysts have gone as far as comparing the economy and incomes rising, which in result helps supply and demand within Precious Metals.

Wall Street Reacts to Tax Cut

A Bloomberg report from columnist Stephen Gandel said, “If [President Donald] Trump and congressional Republicans fail to enact their tax plan, the bull market may not be able to survive, at least not without a full-blown correction.” Furthermore, the S&P 500 Index could drop at least 10 percent. Morgan Stanley Chief U.S. Equity Strategist Mike Wilson said 6 percent of their 2018 profit projection is based on a cut in the corporate tax rate to at least 25 percent. Right now, Gandel says, “the market is only treating Trump's tax talk as a boon. But if things don't go as Wall Street seems to be banking on, many believe it could be setting up investors for a pretty big bust.”

At 11:03 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,276.00 Down $0.60
• Silver, $16.76 Up $0.08
• Platinum, $914.10 Up $0.30
• Palladium, $943.20 Up $17.60

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