Daily Gold Market Report

Gold Flat Year To Date In US Dollars 
Meanwhile Eastern Countries Continue to Accumulate

(USAGOLD – 10/3/2023) Gold touched a low of $1815 overnight and is slightly down from yesterday’s close. Gold is currently trading at $1826.74, down $1.29. Silver is at $21.09, up 5 cents from yesterday’s close. “The next key tests for gold will be the latest U.S. jobs reports, with solid numbers likely to be the catalyst for a possible break below $1,800 and into negative territory for the year,” said Michael Hewson, chief market analyst at CMC Markets. Markets priced in a 45% chance of another 25-basis-point rate hike this year, but also expect a 42% possibility of some monetary policy easing in the first half of 2024, according to the CME FedWatch tool. “A break below $1800 will be fairly eye-catching for traders. We have seen some buying support emerge there in the past,” said Kyle Rodda, financial market analyst at Capital.com.

Meanwhile, China’s markets are closed for holiday this week. Many eastern countries continue to accumulate gold no matter the price, including Singapore. MAS (Monetary Authority of Singapore) increased Singapore’s national reserves by 1.6 tonnes of gold in September, bringing the total to 229 tonnes. This year, Singapore has acquired an impressive 75 tonnes of gold, raising its gold reserves by 49%.