![]() ![]() Although the signal will be a little buddied by an unexpected increase in the (still historically low) unemployment rate, we would have expected this to be a mostly negative signal for gold prices. This time, by more than an additional 100,000 new US jobs. In another of the least surprising “surprises” on record, the NFP number again outperformed the consensus expectation. The other big input for gold prices this week that we had on our radar was Friday morning’s release of the February Jobs Report. The sideways trading only held court through the midweek session, as a Thursday surprise would jolt gold traders back into more activity but we’ll come back to that shortly. Once the metals market was given a breather to absorb the blows from Powell’s Congressional testimony and resolute refusal to budge, prices mellowed on Wednesday and rode a steady line, consolidating above what looks like a thick level of support and buyers at $1820. US stock slid by more than -1.25% across all major indexes. The benchmark 10-year yield again rallied aggressively towards +4% as the US Dollar also strengthened. As Powell skied along a double track of affirming that no decision has been made yet about redoubling interest hikes (to +0.50%) at the next FOMC meeting but also making clear the committee certainly has the will and appetite to do so, bond prices floundered along with gold on Tuesday morning. ![]() The thrust of Powell’s comments was not any kind of surprise, really, nor was the reaction in gold, nor in the Dollar, nor in the bond market, nor equities. Having held a steady line through most of Monday’s trading, there was some pre-Powell positioning that tugged gold spot from $1850 to $1840/oz in the overnight sessions, and then with the start of US market trading just before the text of Powell’s opening remarks hit the transoms, Spot collapsed another $30 or so before support stepped in to bid for the yellow metal around $1820. This week was no exception, as a glance at gold’s chart shows spot prices rolling off the table on Tuesday morning. While it’s technically a two-day affair, Fed Chair Jerome Powell’s twice-annual visit to The Hill lands most of its blows for or against the markets on the first day-day two tends to be rinse-and-repeat from thereon. The third has been a surprising outlier but has certainly left its mark on the yellow metal’s chart at the end of the week. Two of them-key communication from the Federal Reserve via the Fed Chair’s semiannual testimony to congress and a monthly Jobs Report-are key inputs for the gold market that we’ve certainly become accustomed to accounting for over the last 18 months. We’ve seen three examples of events that can impact gold trading in the immediate term as well as how traders and investors project gold to perform in the near- to medium-term. It’s been a more interesting week than expected for gold and connected asset classes, to be sure. Welcome to our weekly market wrap, where we look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets-and may continue to into the future.Īt the end of a much more tumultuous week than anyone could have expected, gold is on its way up and climbing ahead of a key inflation report next week. When you return to the cookie will be retrieved from your machine and the values placed into the calculator.Ī range of other useful gold and silver calculators can be found on our Calculators page Pressing the button will place a cookie on your machine containing the information you entered into the Holdings Calculator. ![]() If your browser is configured to accept Cookies you will see a button at the bottom of the Holdings Calculator. The spot price of Gold per Troy Ounce and the date and time of the price is shown below the calculator. Totals for Gold and Silver holdings including the ratio percent of gold versus silver will be calculated. The Current and Future Gain/Loss will be calculated. Optionally enter number amounts for Purchase Price and/or Future Value per unit of weight chosen. The Current Value for the amount entered is shown. The current price per unit of weight and currency will be displayed on the right. If you wish to select a currency other than USD for the Silver holdings calculator. NOTE: You must select a currency for gold first, even if you don't enter a value for gold holdings. Select Ounce, Gram or Kilogram for the weight. The Holdings Calculator permits you to calculate the current value of your gold and silver.Įnter a number Amount in the left text field. ![]()
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