Gold Futures Market News and Commentary
The dollar index (DXY00) on Friday fell -0.14%. Lower T-note yields undercut the dollar along with strength in the euro. The dollar was supported by Fed Chair Powell’s comment that seemed to confirm that the FOMC at its meeting next week will announce QE tapering, but the dollar was undercut as Mr. Powell went out of his way to also say that the FOMC is not close to raising interest rates.
EUR/USD (^EURUSD) on Friday rose by +0.14%. The euro received a lift after the Eurozone Oct Markit manufacturing PMI fell -0.1 to 58.5, stronger than expectations of 57.1.
USD/JPY (^USDJPY) on Friday fell -0.45%. The yen saw support from positive Japanese economic news after the Japan Oct Jibun Bank services PMI rose +2.9 to 50.7, the first time Japan’s service sector has expanded in 21 months.
December gold (GCZ21) on Friday closed +14.40 (+0.81%), and Dec silver (SIZ21) closed +0.279 (+1.15%). Gold on Friday climbed to a 1-1/4 month high,s while silver rose to a 1-1/2 month... Read more