Gold inches lower in quiet trading
World Gold Council sees September as an auspicious month for gold purchases
(USAGOLD – 9/15/2021) – Gold inched lower in quiet trading this morning as uncertainty prevailed on the Fed’s policy plans and the outcome of next Tuesday’s FOMC meeting. It is down $2 at $1803. Silver is down 5¢ $23.85. Each is encountering resistance at psychologically important numbers – gold at $1800 and silver at $24. That said, the World Gold Council sees September as auspicious for investor gold purchases.
“…September has been one of the strongest months historically for the price of gold,” it says in a recent report, “and this could present an opportunity for investors as we head into the fourth quarter of the year (See chart below). Our analysis shows that, historically, gold has delivered positive returns during September, with a confidence level just shy of 90%. This is likely driven by a combination of two trends: a period of strong demand linked to the Indian wedding season and other festivals in October and early November, and higher global investment activity following typically quieter summer months. As such, investors have often used September as an opportune time to add gold to their portfolios.”
Chart of the Day
Chart courtesy of the World Gold Council • • • Click to enlarge
Chart note: Please see today’s Daily Market Report (above) for related commentary.