Market Review: Gold Price increased to $1,289.00 (+0.07%) per ounce, Silver Price $16.87 (-0.35%), Platinum Price $922.80 (-0.56%), Palladium Price $937.50 (+0.40%), Dow Jones index 22,381.20 (0.18% increase).
U.S. Dollar vs Precious metals
The US Dollar is trading higher on Friday and gaining more than 1.2 % against a basket of major currencies this week. Analysts examine the greenback has had a relatively strong September after long summer months of declines. Supported by a sharp rise in interest rates and ideas of tax reform, the US Dollar is closing one of its best month of the year. Gold price held steady just above the previous session’s six-week low. This week Gold prices witnessed major volatility, at the beginning of the week the prices were up by almost 2 percent due to ongoing tension between North Korea and the USA, but last few days turned negative for yellow metal after Fed Chairman speech and new tax reform. Among other precious metals: silver price decreased, platinum price is also slightly lower, palladium price keep climbing up.
Friday is the last trading day of this month and of the quarter, which makes it an extra special day for the precious metals charting perspective.
Stock Market Today
U.S. stocks on Friday opened higher S&P 500 2510.06 (+0.12%) and NASDAQ Index 6453.45 (+0.19%), Dow Jones Industrial Average 22381.20 (+0.18%).
Wall Street indexes are trading higher today, with investors finding few reasons to keep pushing indexes higher following gains that have lifted for both the month and the quarter. This week was marked by comments from Fed Chairwoman Janet Yellen and the long-awaited announcements on tax reform from the Trump administration.
The latest economic data was also promising: personal income rose 0.2 % in August, while consumer spending was up 0.1 %.
There is no much news and expectations for today: Philadelphia Fed President Patrick Harker has scheduled speech today at 11 am, covering the economic outlook.
Economic data for today: Personal income, Consumer spending, Consumer sentiment