Gold and Silver Markets Wait for Central Bank Meetings



Gold and silver were stable on September 20

Gold and silver were stable on September 20. At 1:40 PM EST on September 20, the COMEX gold futures contract for December delivery was trading at $1,317.65 per ounce—a fall of ~0.01%. The COMEX silver futures contract for December fell ~0.04% to $19.28 per ounce.

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Market waits for the central bank statements

The gold market is looking forward to the outcome of the major central bank meetings scheduled for this week. Japan’s two-day central bank meeting started on September 20. The policy meeting statement will be released on September 21. The Fed’s policy meeting also started on September 20. The policy statement and Federal Open Market Committee economic projections are scheduled to release at 2:00 PM EST on September 21. The US stocks moved higher on September 20 due to the Fed’s meeting.

Precious metals started the day on a lighter note and maintained stability throughout the day. The US dollar held steady on September 20 amid the Fed’s meeting and weighed on gold prices. Read Analyzing Copper, Gold, and Silver Early on September 20 to learn how metals traded in the early hours on Tuesday. The chances of an interest rate hike in September, November, and December moved from 12%, 21.1%, and 55% on Monday to 15%, 22%, and 59.2% on Tuesday.

At 2:00 PM EST on September 20, precious metal producers Barrick Gold (ABX), Newmont Mining (NEM), and Silver Wheaton (SLW) fell ~0.06%, ~1.3%, and ~1.1%, respectively. Royal Gold (RGLD) rose ~0.4%. The SPDR Gold Trust ETF (GLD) rose ~0.04%.

In the next part, we’ll discuss how companies in the energy, metals, and mining sector performed on September 20.


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