Gold Drops $25 Before Fed Announcement

Gold contracts fell last night (November 3). Traders sell gold as a safe haven after the U.S. released strong economic data.

  • Gold contracts were down $25.5, or 1.43%, at $1,763.9 per ounce.
  • Silver was down 27.6 cents, or 1.17%, at $23.231 an ounce.
  • The platinum contracts were down $16.8, or 1.62%, at $1,022.5 per ounce.
  • The palladium contracts were down $20.20, or 1%, at $1,987.20 an ounce.

Traders are selling safe assets after ADP and Moody’s Analytics reported that private-sector jobs rose 571,000 in October, up from 523,000 in September.

IHS Market reported that the final Purchasing Managers’ Index (PMI) for the services sector rose to 58.7 in October from 54.9 in September.

According to the U.S. Commerce Department, U.S. factory orders fell to 0.2% and 0%, respectively, in September, following a 1.0% increase in August.

The Fed announced the start of tapering QE at $15 billion per month. There will be no change in the interest rate policy yet because the Fed thinks it would be premature. The New York gold market was closed for trading before the Fed committee announced its decision.

Investors are also looking ahead this week to the release of U.S. labor market data for October. Analysts predict that the number of employees will increase by 450,000 in October and the unemployment rate is expected to fall to 4.7% in October.

The Spot Market is Open

Thursday, November 4, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.15
1,774.20
1,775.20
+4.90
0.28%
1,769.30
1,779.20
Silver
12.15
23.53
23.63
+0.04
0.17%
23.49
23.81
Platinum
12.15
1,035.00
1,045.00
+8.00
0.78%
1,027.00
1,050.00
Palladium
12.05
1,956.00
2,106.00
+20.00
1.03%
1,936.00
2,108.00
Rhodium
05.00
13,250.00
15,250.00
0.00
0.00%
13,250.00
15,250.00

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