Market Review: Gold Price increases to $1,283.50 (+0.20%) per ounce. Silver Price $17.16 (+0.76%). Platinum Price $931.60 (+0.26%). Palladium Price $959.85 (-0.52%). Dow Jones index 23,273.96 (0.22% decrease).
Here is a new week ahead. There is big news for earnings, the economy, and taxes. On Friday, the government will release its first reading of third-quarter GDP. The GDP is an accounting of all the goods and services the economy produces. Additionally, the world will see the monetary policy decisions from the eurozone and Brazilian central banks. Yet, many Wall Street traders worry that the Trump administration will be able to achieve its hopes. Hopes to cut corporate and personal taxes and reform before the end of 2017.
U.S. Dollar vs Precious metals
The U.S. Dollar is trading higher in early trading Monday. The dollar index hit a two-week high overnight. Therefore, the greenback started this week in a pretty positive way. Gold price hit its lowest level in two weeks on Monday. It weighs down by a firm dollar and stronger Asian equities. Finally, among other precious metals: silver price increased; platinum price is also higher, and palladium price slightly moved back.
Stock Market Review Today
U.S. stocks on Monday opened lower. Firstly, S&P 500 2564.98 (-0.40%). Secondly, NASDAQ Index 6586.93 (-0.64%). Thirdly, Dow Jones Industrial Average 23273.96 (-0.22%).
Wall Street Indexes are trading lower today. Traders and investors are anticipating who will be President Trump’s nominee for the next chairman of the Federal Reserve. Meanwhile, Jerome Powell moves to the top of the list among many other candidates.
There’s no news on North Korea this last week. So, investors hope gold might be supported. But, at the moment traders are just watching the dollar.
Economic data for this week:
- Chicago Fed National Activity (Monday).
- Markit Manufacturing PMI, Markit Services PMI (Tuesday).
- Durable Goods Orders, New Home Sales (Wednesday).
- Weekly Jobless Claims; Advance Trade in goods; and Pending Home Sales (Thursday).
- Gross Domestic Product, Consumer Sentiment (Friday).