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Daily Nugget: Gold Remains Below 5-Week High On Stronger Dollar

ByThe Real Asset Company
AuthorJan Skoyles
Published 10/30/2013, 07:12 AM
Updated 05/14/2017, 06:45 AM

Today the FOMC will conclude their two-day policy meeting, no change to monetary policy is expected. Despite this gold remains below its five-week high, seen on Monday, thanks to a stronger US dollar and a lack of bullish news.

The gold price is likely to tread water prior to the announcement. Even though tapering is yet to come, the expectation that it will do so at some point continues to weigh on the price of gold.

Bernanke will not be giving a press conference following the FOMC announcement and statement release. However no doubt traders and analysts will pour over the statement in order to gain some kind of hint of what might be on the horizon.

Yesterday there was a mix of economic data releases which were both good and bad for the US economy. Consumer confidence data gave gold a brief lift consumer sentiment fell to 71.2 in October from September’s revised reading of 80.5. This was attributed to the government shutdown.

Holdings in the SPDR Gold Trust remained unchanged yesterday, at 872.02 tons.

For the first time this year China gold prices ended at a discount yesterday, but they have recovered today as gold buying picks up.

Both the Australian and US Mint have released preliminary figures that suggest a return of strong sales in October. Sales of American Eagles ‘tripled on-month’ to 46,500 ounces whilst Australia’s Perth Mint gold sales reached 75,040oz, a near 10% gain from the previous month.

And finally, any readers out there who were passing through Cologne a few months ago might want to check they didn’t leave any valuable items when they were there. German police are appealing to the owner of a bag containing several gold bars and cash that was left in a locker in Cologne’s main train station.

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