Breaking News

Gold / Silver / Copper Prices - Weekly Outlook: October 22 - 26

CommoditiesOct 21, 2018 05:32AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. - This week precious metals traders will continue to watch developments in equity markets and monitor geopolitical risks after gold prices notched up a third week of gains.

Investors will also be focusing on Friday’s data on U.S. third quarter growth, while monetary policy decisions from the European Central Bank and Bank of Canada will also be closely watched.

The GDP data is expected to show that U.S. economic growth slowed in the third quarter from the second, when the economy grew at its fastest pace in four years.

Investors will also be getting an update on the health of the U.S. housing market, which has been hit by rising borrowing costs as a result of Fed rate hikes, with the release of figures on new and pending home sales.

Data on Friday showed that sales of existing homes fell for a sixth straight month in September, in what was the largest decline in more than two years.

Gold prices ended little changed on Friday after a choppy trading session, but still ended the week with a gain of 0.59%, its third straight weekly increase.

December gold futures settled at $1,230.00 on the Comex division of the New York Mercantile Exchange.

The dollar was broadly lower on Friday with the U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, down 0.36% to 95.38 in late trade.

The index has still risen 0.68% so far this month and has advanced around 4% for the year to date, boosted by Federal Reserve rate hikes, with another expected before the years end.

Interest rate increases and higher U.S. bond yields are usually bearish for gold, which offers no yield. They also tend to boost the dollar, in which gold is priced.

Gold prices have been boosted by weaker stock markets and heightened geopolitical risks, which underpinned safe haven demand for bullion.

Recent stock market volatility has been triggered by a combination of concerns over the impact of rising bond yields and fears that trade conflicts are starting to have a serious impact on the global economy.

Elsewhere in precious metals trading, silver settled up 0.31% at $14.650 a troy ounce, to end the week up 0.1%. Platinum settled at $833.90, 0.26% higher for the day, trimming the week’s losses to 0.94%.

Among base metals, copper ended at $2.782, up 1.29% for the day, for a weekly loss of 0.9%.

Ahead of the coming week, has compiled a list of significant events likely to affect the markets.

Monday, October 22

Canada is to release data on wholesale sales.

Tuesday, October 23

Bank of England Governor Mark Carney is to speak at an event in Toronto.

Wednesday, October 24

The euro zone is to release data on private sector activity.

The Bank of Canada is to announce its benchmark interest rate and publish a rate statement, which outlines economic conditions and the factors affecting the monetary policy decision.

The U.S. is to report on new home sales.

Thursday, October 25

New Zealand is to release data on trade.

The Ifo Institute is to report on German business climate.

The European Central Bank is to announce its latest monetary policy decision. The announcement is to be followed by a press conference with President Mario Draghi.

The U.S. is to release reports on durable goods orders, initial jobless claims and pending home sales.

Friday, October 26

The U.S. is to release preliminary data on U.S. third quarter growth as well as a report on consumer sentiment.

ECB President Mario Draghi is to speak at an event in Brussels.

Gold / Silver / Copper Prices - Weekly Outlook: October 22 - 26

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email