Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
- Investors and traders need to keep an eye on gold's $2,000 an ounce level next week as the market navigates further volatility created by the Federal Reserve's expected hawkish higher-for-longer monetary policy stance, according to some analysts.
He said that unless gold prices can break $2,000 an ounce, he would expect to see some profit-taking and price consolidation next week. Analysts note that despite a few lingering effects, the Federal Reserve's monetary policies are having less of an impact on gold as geopolitical uncertainty and debt concerns support safe-haven demand in the near term.
Gold's ability to hold its recent gains comes as 10-year bond yields remain within striking distance of 5% and the U.S. dollar index holds solid support above 106 points. At the same time, some analysts have said that gold has been able to withstand higher bond yields as investors start to focus on what could be an impending U.S.debt crisis.
"Is the Treasury going to have to issue more bonds than expected in the fourth quarter?" he asked."We don't know where the demand will come from as more supply comes onto the market. There are catalysts here that could trigger major problems in the bond market that could be positive for gold."
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