METALS LOOK FOR DIRECTION AHEAD OF PRESIDENTIAL DEBATE
After ending last week at a two-week high, Gold is continuing to gain with other Precious Metals searching for direction. Gold is benefiting from a slumping dollar and a bump in oil prices. Sluggishness in the global economy and the U.S. Federal Reserve deciding to keep rates the same for the time being has boosted Gold’s safe-haven appeal. Commerzbank analyst Eugen Weinberg said, “The dollar is a bit weaker since this morning, but also the oil price is much higher and this is contributing to some uptrends in commodities in general.”
U.S. stocks slumped ahead of the first U.S. presidential debate set for Monday night. Markets are speculating what will happen based on the winner. Erik Nielsen, group chief economist at UniCredit Research, said, “[Monday], we’ll get the first TV debate, and while it’ll be too early to conclude too much from it (remember Obama’s dreadful performance in his first debate with Romney), if the probability of a Trump victory increases in coming weeks, then you need to start questioning the Fed’s intentions for December, and you’ll want to reduce your exposure to, particularly, U.S. equities and the dollar.”
At 12:58 P.M. (ET), the APMEX Precious Metals spot prices were:
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