Price of Gold Weekly Recap: October 9 – October 13, 2017
The price of gold opened on Monday at $1,281.74, and strong interest moved that price to $1,284.76 by midafternoon before the day closed at $1,284.05. Buying in the aftermarkets showed strong momentum and resulted in a Tuesday opening price of $1,292.41, but profit taking left the last trade of the day showing at $1,289.32. Gold prices opened slightly up at $1,289.78 on Wednesday, and gold buying throughout the day resulted in a closing bid of $1,292.46. The price of gold pulled back a bit by Thursday morning, opening at $1,291.74, but the rest of the week would be marked by upward momentum. The closing bid on Thursday was up at $1,294.48. Profit taking in sales after the close could not dampen the new wave of buying, and the Friday open was above the important $1,300 price point at $1,301.86. Continued buying produced a close for the week of $1,303.75.
Last week’s activity regained much of the ground lost to profit taking since last month’s price per ounce of gold hit a one-year high. While some are waiting for the market to price in a December interest rate hike by the Fed, several firms see that action fully anticipated and the potential for gold prices to hit $1,400 by the new year. Technical traders also see the recent movement as an indicator that gold prices will continue to produce long-term gains based on market fundamentals.
This week will include several important economic reports that will provide insights into the U.S. economy. These include T-Bill auction reports, the EIA Petroleum Status Report on Wednesday, jobless claims on Thursday, and the data on existing home sales Friday. Any surprises in these numbers up or down will create some market volatility as the overall trends are still unclear.
Where will gold prices be by the end of the year?