Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Gold / Silver / Copper Prices - Weekly Outlook: October 23 - 27

Commodities Oct 22, 2017 06:56AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Gold falls as stronger dollar weighs
 
XAU/USD
+0.02%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XAG/USD
+1.11%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DX
-0.04%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Gold
-0.02%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Copper
-0.86%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Silver
+1.62%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com - Gold prices fell on Friday, pressured lower by the stronger U.S. dollar which was boosted after President Donald Trump's plans to overhaul the tax code cleared a critical hurdle.

Gold futures for December delivery settled down 0.59% at $1,282.42 on the Comex division of the New York Mercantile Exchange. For the week, the precious metal was down 1.86%, which means it has fallen in five of the past six weeks.

The dollar rose on Friday, making gold more expensive for holders of other currencies, after Senate Republicans approved a budget measure that will allow them to pursue tax cuts without support from the Democratic Party.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.61% at 93.57 in late trade. It was its largest one day gain since October 2.

The index ended the week up 0.69%, its fifth weekly increase in six weeks.

Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

But Republicans have yet to produce a tax reform bill amid divisions over what cuts to make and how to pay for them and analysts have warned that the White House still faces a long battle to push through its agenda.

Elsewhere in precious metals trading, silver was down 1.21% at $17.04 a troy ounce late Friday, bringing its weekly decline to 2.22%, while platinum settled at $926.00.

Among base metals, copper pared early gains and closed at $3.169 a pound. The industrial metal was still up 1.03% for the week after Monday’s rally to three-year highs on the back of upbeat Chinese economic data. The country accounts for almost half the world’s copper consumption.

In the week ahead, investors will be watching the European Central Bank meeting for further details on plans to scale back its massive stimulus program.

Markets will keep an eye on a preliminary reading of third-quarter U.S. growth to further assess the impact of recent hurricanes on economic activity and how it could affect the Federal Reserve’s view on monetary policy.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, October 23

Canada is to release data on wholesale sales.

Tuesday, October 24

The euro zone is to release data on manufacturing and service sector activity.

Wednesday, October 25

Australia is to release data on inflation.

The Ifo Institute is to report on German business climate.

The UK is to release a preliminary estimate of third quarter growth.

The U.S. is to release reports on durable goods orders and new home sales.

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 announcement is to be followed by a press conference.

Thursday, October 26

New Zealand is to publish trade data.

The ECB 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 report on initial jobless claims and pending home sales.

Friday, October 27

Japan is to release its latest inflation figures.

The U.S. is to round up the week with preliminary data on third quarter growth.

Gold / Silver / Copper Prices - Weekly Outlook: October 23 - 27
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other 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, don’t trash it.

  •           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. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. 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 Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
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?
 
Post
 
Replace the attached chart with a new chart ?
1000
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 Investing.com'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
Continue with Google
or
Sign up with Email