Daily Gold Market Report
Gold’s Remarkable October
Japan’s Unprecedented Turn to Gold
(USAGOLD – 11/7/2023) Gold is down this morning influenced by disappointing economic figures from China, which have affected the broader raw commodities market. Gold is trading at $1966.78 this morning, down $11.36. Silver is trading at $22.61, down 22 cents. U.S. Global Investors reports that gold prices experienced their strongest October increase in nearly 50 years, with a 7.3% surge to close at $1,983 an ounce. This rally is notable as it occurred despite a backdrop of rising Treasury yields and a robust U.S. dollar, conditions that typically hinder the performance of gold, a non-interest-bearing asset. The article attributes this exceptional performance to a range of economic and geopolitical concerns, including record-high national debt, increasing credit card delinquencies, persistent fears of a recession, and the impact of two ongoing wars.