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

Goldhedge

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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.



20171013_Gold_0.jpg


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
 

platinumdude

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But Rhodium is catching up and is now at $1200, and palladium is at $980.
 

nickndfl

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Gold prices cannot be manipulated so easily now.
 

louky

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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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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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AurumAg

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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.