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Gold prices tend to rise in the fourth quarter of the calendar year. Gold prices have gained an unannualized ~3.8% in the fourth quarter.
Gold (IAU) (GLD) prices usually have a strong negative correlation with the US dollar (UUP). Gold, like other commodities, is denominated in the dollar.
The US Dollar Index (UUP) struggled in the previous week as geopolitical tensions dominated markets across the globe.
The European economy has expanded in the last 17 consecutive quarters. The Eurozone’s annual growth rate is 2.1%—the highest growth rate in the last six years.
The German DAX (DAX) was up ~1.1%, Euro Stoxx (FEZ) was up ~1.1%, and France’s CAC was up ~1.4% in the week ended August 4, 2017.
On August 2, silver dropped $0.18 to close at $16.80 per ounce, while palladium fell 0.13% to end the day at $892.20 per ounce.
The probability of the Fed hiking rates again in 2017 may not be very strong after the weak employment data. However, there’s still a strong possibility of a few rate hikes in 2018.
Gold prices dropped from its seven-week high level of $1,276.10 per ounce on August 1. Gold futures for September expiration fell 0.08% on August 2 and ended at $1,274.20 per ounce.
Precious metals once again saw a down day on Thursday, August 3, 2017, except for platinum, which rose 1.1%.
Gold has risen a whopping 1.9% over the past five trading days, while silver has risen almost 2%.
Silver is often a more volatile metal than gold. Due to its low trading price compared to gold, silver volumes could remain higher.
While gold saw a marginal fall, the other three precious metals were trading higher on Monday, July 31.
The changes in precious metals (IAU) (SLV) over the past one week have been highly influenced by changes in the US dollar, but also by the overall sentiment in the market.
Silver and palladium rose 0.5% and 0.3%, respectively, on July 27.
Gold saw its second straight day of increases on Thursday, July 27, as it hit its six-week high level of $1,266.2 an ounce to close at $1,261.5 per ounce.
The US dollar has been on a downward swing over the past week.
Gold prices fell once again on Wednesday, July 26, 2017. Gold futures for August expiration were 0.22% lower for the day, settling at $1,249.4 per ounce.
Another element that was crucial in determining the directional movement of precious metals was the two-day Federal Reserve meeting.
The DXY fell 0.58% on a five-day trailing basis, while gold and silver futures for August and September expiration rose 0.82% and 1.7%, respectively.