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Gold Prices Sink as Consumer Sentiment Sees Modest Rebound, Remains Below Average
The University of Michigan Consumer Sentiment Index, released on Friday, came in at 92 for September, recovering from the three-year low of 89.8 seen in August. The reading is still the third-worst result of Donald Trump’s presidency.
Low Jobless Claims Show Labor Market Strength, Gold Prices Drop
The US labor market continues to show signs of strength amid uncertain economic conditions, with initial jobless claims dropping below expectations last week. 210,000 Americans applied for unemployment benefits during the week ended October 5, below expectations of 219,000.
Consumer Price Index at Lowest Since January, Gold Prices Tick Downward
US consumer prices saw no change in September since the month before, matching the weakest reading since the beginning of the year. With underlying inflation reportedly retreating, the latest financial data released by the Labor Department on Thursday supports the case for the Federal Reserve to cut interest rates in October for the third time in 2019.
Gold Prices Unmoved, CPI in Focus as Minutes Confirm a Divided Fed
Gold prices were effectively unchanged this afternoon in the wake of the latest release of discussion minutes from the FOMC; the minutes and notes confirmed the market’s general assessment of a very divided Fed with regards to the rate path forward. Gold spot prices have closed Wednesday’s trading at $1505.40/oz, while silver prices closed just above $17.70.
Federal Reserve Rate Decision Preview
The Federal Open Market Committee will be releasing minutes from the September meeting later today. Last month the Fed cut rates by 25 basis points for the second time this year.
US Producer Prices Hit 8-Month Low in September, Gold Prices Tick Upwards
US producer prices took an unexpected fall in September due to the drop in the cost of goods and services. The producer price index (PPI) fell -0.3% last month vs. 0.1% expected after a 0.1% increase in August according to a report released on Tuesday by the Labor Department.
Gold Price Preview: October 7 - October 11
Good morning, traders. Welcome to our weekly look at the macroeconomic calendar for the precious metals and Dollar markets. At the time of writing this morning, gold and silver prices are markedly softer; having sold lower throughout overnight trading following a sharp gap higher at the weekly open, which was quickly faded by sellers.
Gold Price Recap: September 30 - October 4
Happy Friday, traders. It’s been a wild week for gold and silver markets, one that has seen the spot price for gold close Friday’s trading just below $1505/oz. So, with no time to spare, what kind of week has it been?
Job Growth Lower Than Expected in September, Gold Prices Tick Downward
The US economy added 136,000 new jobs in September according to a government report released on Friday. The figure is below expectations of 150,000 jobs, marking the slowest pace of growth in four months and adding to fears of a looming recession.
Unexpectedly Slow Growth in Services Could Spell Recession, Gold Prices Rise
The service sector grew at a slower rate than expected in September according to the ISM Non-Manufacturing Index which was released on Thursday. The index came in at a reading of 52.6 compared to 55.3 expected by economists surveyed by the Dow Jones. The reading was the lowest pace of growth since August 2016, resulting in a stock market selloff and an uptick in the price of gold.
Jobless Claims Rise Moderately, Gold Prices Hold Firm
Last week saw a moderate increase in the number of Americans applying for unemployment benefits. Initial jobless claims rose 3,000 to 213,000 during the week ended September 21 according to a report released on Thursday by the Labor Department. Figures for the prior week were revised upward by 2,000, and overall, the data is still in line with a healthy labor market.
Private Sector Employment Drops in September, Gold Prices Rise
Private payrolls increased by 135,000 jobs vs. 157,000 in August and 125,000 expected in September according to a report released by ADP and Moody Analytics on Wednesday. The monthly average for 2019 so far is 145,000, down from 214,000 in 2018, indicating a significant hiring slowdown.
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Benjamin Roussey
Benjamin Roussey has two master’s degrees and served four years in the US Navy. He writes professionally for several sites that cover one sector of our economy to another, including GoldPrice.org.
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Conor Maloney is a journalist with hundreds of articles covering financial markets and topics published on sites like Yahoo Finance and GoldPrice.org.
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John Moncrief
John Moncrief is an active commodities and currency trader with nearly a decade in the industry. He also has several years of experience in writing market analysis and research notes.
John’s particular interest is in examining precious metals and currency trends through a focus on macroeconomic drivers and behavioral economic theory; although he’s probably spent at least as much time reading Stan Lee as he has Richard Thaler.
Matthew Bolden
Matthew Bolden is an active trader and investor. His passions include writing about financial markets in a simple, pragmatic way. His work has been seen in various arenas within the world of global finance, and he has written commentary on several markets including precious metals, stocks, currencies and options.
Matthew is an avid reader, student of the markets and sports enthusiast who resides in the greater Chicago area.
Ryan Page
Ryan Page has worked for 3 years as a commodities derivative’s trader. He has been building models to analyze global macro data and evaluate risk for more than 5 years.
Ryan has been trading since he was 14 years old. He enjoys playing mid to high stakes poker, with immense experience studying and applying game theory.
