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Gold price back over $1300 less than a week after Chinese markets back online

Goldhedge

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#1
Gold price back over $1300 less than a week after Chinese markets back online

8:48 AM

On Oct. 13, the gold price regained $1300 per ounce for the first time since the end of September, and less than a week following China's Golden Week where the majority of their markets were offline for the holiday.





Additionally, U.S. data and inflation fears began driving prices up on Thursday, leading to Friday's move over $1300 and setting the foundation for even higher prices going into the end of the year.

Gold futures pushed above the key $1,300 level Friday after a reading on U.S. inflation came in cooler than expected, raising uncertainty about the pace of U.S. interest-rate hikes by the Federal Reserve.

December gold GCZ7, +0.44% tacked on $5, or 0.4%, to $1,301.50 an ounce, set to tally a gain of 2.1% for the week. The exchange-traded SPDR Gold SharesGLD, +0.50% added 0.5% in Friday trading, poised for a weekly gain of around 2%.

“There are many triggers for gold, including the mix of economic data showing uncertainty of future growth to inflation, which would push the [Federal Reserve] to raise rates in a slower sequence,” said Peter Spina, president and chief executive officer of GoldSeek.com. “The market is questioning the future rate increase amounts and thus the stage is being set up for a much larger gold rally in the months to year ahead.” -​

Marketwatch
 

louky

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#4
1305 closing price to 1359 is a dangerous place to hold in terms of trading postions. It can reverse at any time. No man's land.
 

dacrunch

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#6
As long as ETF etc. "paper gold" is only backed by ONE ounce of physical for every 100-200 ounces of "paper" the "sell" into "invertors' accounts", the price of gold will sit at a grand. Not the at least 65 grand it really should be worth. I have no hopes for a rise in metals prices.

For a similar reason, I know I can't find a decently priced multi-unit fixer-upper like in the 90's - since the REIT's took over the marketplace - and priced everything above the "regular joe's" level... since those buying rentals don't have to handle all the hassles that come with them...
 

the_shootist

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#7

Aurumag

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#9
I noticed that the PM prices started going up almost immediately after Trump announced tariffs with Mexico.

But the OP attributes the move to a Chinese holiday.

Which is it?

Both maybe?

Either way, I am glad to see some upward activity.