Morning Snapshot: Gold probes back below $1300 as dollar gains

USAGOLD/Peter Grant/09-26-17

Gold has retraced some of yesterday’s North Korea inspired gains, ticking back below $1300. The dollar index is testing 3-week highs, putting additional pressure on the yellow metal.

While markets seem increasingly inclined to quickly shrug-off the bellicose rhetoric and aggressive provocations from both North Korea and the U.S., the threat of an accidental conflict is very real. “The North Koreans assume that the threats will be enough to restrain US action but the US might be thinking the same thing, so you end up in a situation where a provocation from one side is seen by the other as an actual move towards war,” said Rodger Baker of Stratfor.

Today’s U.S. calendar has the Case-Shiller home price index for July, new home sales for August, consumer confidence for September and the Richmond Fed index. We’ll also hear FedSpeak from Brainard and Bostic. Janet Yellen will speak on “Inflation, Uncertainty, and Monetary Policy” this afternoon in Cleveland. That should be interesting . . .

Share
This entry was posted in Gold News, Gold Price, Gold Views, Snapshot. Bookmark the permalink.

Comments are closed.