With all the declines, gold bugs enjoyed a bit of relief today yet it’s possible for them for be in for another busy week if there reflects huge improvement in the second batch of economic data. As far as the December delivery gold check, GCZ4, +0.37% went up to not less than $2.10 per ounce. Silver, SIZ -0.04% on the other hand, for December delivery plunged $0.03 an ounce up to $17.55/ounce.
At the end of the session on Friday, gold ended with another dip even if the wider stock market showed significant gains that is including the Dow Jones Index Average’s 1% push.
This week, there’s much economic numbers to take in with the September Employment Record topping the list. What’s going to happen today is that brokers will review the economic data of the pending home sales after the personal income and outlays for the Month of August. It’s expected that after the two reviews, the traders will release the Dallas Fed Manufacturing survey.
According to Barclays report, short gold positioning right now is at its highest since the previous year.
The current advancer among the other metals is October Platinum PVL, +0.35% which adds $1.60 to $1,303.60 per ounce. What dropped was December Palladium at $0.80 to $783 an ounce.