Gold Update: Friday, October 28 – Gold Price is at $1,650 Again

NEW YORK (Oct 28) The gold futures contract lost 0.22% on Thursday, October 17, as it continued to fluctuate following its recent rebound. Last Friday it fell to the new medium-term low of $1,621.10, but on the same day it bounced above the $1,650 level on Bank of Japan currency intervention, among other factors. Gold reached a local high of $1,679.40 on Wednesday, and since then it has been fluctuating. This morning gold price is retracing more of its recent advances.

Precious Metals Price Action

Today, gold is 1.0% lower, as it is trading along to the $1,650 price level. What about the other precious metals? Silver is 2.1% lower, platinum is 1.5% lower and palladium is 1.2% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s important U.S. Advance GDP release has been higher than expected at +2.6% q/q. Today we will get the Core PCE Price Index release at 8:30 a.m., among others.

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