The gold price has remained flat over the last two weeks, with daily movement last week mostly alternating between gains and losses. However, the metal eventually ended the week with a small 0.2% loss.
U. S. President Donald Trump announcing on Nov. 2 that Jerome ‘Jay’ Powell would be the next Federal Reserve chair wasn’t even enough to boost gold prices. Perhaps it’s because Powell – widely known as neither hawkish nor dovish when it comes to interest rates – likely won’t do anything unexpected in his new position.
For now, that’s kept the stock market humming higher, with the Dow Jones up 0.5% since Thursday’s announcement. Another factor pushing stocks up has been the expected Fed rate hike in December, which economists predict has a 96.7% chance of happening.
However, I don’t expect a December rate hike to happen.
This post was published at Wall Street Examiner on November 6, 2017.
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