We had a very start to the new week; gold touched a two-week low early on in the US session before paring losses and tipping into the green by day’s end. The dollar was largely responsible for this about-face. The greenback was stronger at first in the immediate aftermath of the Japanese election results that saw Prime Minister Abe retain a super majority in the lower house of Parliament, a signal to investors that “Abenomics” and the era of easy money will likely continue for some time to come. However, the yen began to recover, ending the day in the mid-113 area. Both the Euro and sterling ended relatively unchanged on the day, each closing out the session at 1.1750 and $1.32. We don’t expect to see a substantial move in the Euro this week ahead of the ECB meeting on Thursday.
|Precious Metals Daily Report --- October 24 2017.pdf||448.7 KB|