Gold Slightly Higher on Outside Market Action
Gold prices are inching slightly higher to kick off the new trading as crude oil and stocks attempt to rebound while the dollar loses steam. This week will likely see a return to more normal trading volumes as investors look to position themselves going into the end of the year.
Gold Catching a Bid as Stocks Under Siege
The gold market is moving slightly higher in early action today as stocks once again come under significant duress. As of this writing, the Dow Jones Industrial Average is down some 900 points in the last two days. The CBOE’s volatility index, or VIX, is seeing a sharp move higher and is approaching the top end of its recent range.
Weekly Jobless Claims See a Slight Rise
Weekly jobless claims rose by 2,000 for a total of 216,000 for the week ending November 10th. Consensus estimates were looking for a decline in claims to 212,000 for the week. Claims for three states, including California, Texas and Virginia were estimated due to the Veteran’s Day holiday. Likewise, claims for Hawaii and Puerto Rico were also estimates.
Inflation Posts Largest Rise in Nine Months
Prices are officially on the rise. According to marketwatch.com, consumers paid more for gas, rent and used vehicles in the month of October.
Gold Hits Four Week Low
Gold is under pressure again today to kick off the new trading week. As of this post, the yellow metal is down $6.80 per ounce at $1202.60. The U.S. Government is closed today in observance of the Veteran’s Day Holiday, and while stocks are open the bond market is closed. Price action could potentially see some increasing volatility today due to lighter trading volumes.
U.S. Mint Bullion Sales Figures for the Month of October
The US Mint issues millions of gold and silver bullion coins every year, which are sold through authorized dealers around the country.
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