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Spot gold and silver prices were higher in late U.S. trading Tuesday, recovering from early-session losses as declining crude oil prices eased inflation concerns and supported renewed buying interest in precious metals ahead of Wednesday's Federal Reserve monetary policy decision.
Gold's struggle to hold support around $4,000 an ounce is testing investor confidence in the precious metal, but one major investment firm remains optimistic that prices can recover to $5,500 by early next year.
The gold-platinum ratio has one of the best historical records predicting the stock market's subsequent 12-month return
Gold's drop below $4,000 last week is starting to attract some early attention as the two-month downtrend has pushed prices toward oversold territory.
The gold market continues to hold critical support around $4,000, but the precious metal could continue to attract safe-haven interest as the U.S. housing sector continues to struggle.
Gold prices are trading at session highs after the latest data showed an improving picture of the attitudes of U.S. consumers this month.The Consumer Confidence Index rose to 91.7 in October, above economists' consensus forecast for an 81 reading and also above the upwardly revised 84.2 print from September, the Conference Board announced on Tuesday.
Spot gold and silver prices were lower in early U.S. trading Tuesday, as persistent expectations for additional Federal Reserve tightening and uncertainty surrounding Middle East energy supplies continued to weigh on precious metals.
Gold edged lower in Asian trade. While markets broadly expect the Federal Reserve to leave rates unchanged at its October meeting, another increase later this year remains a live risk, OCBC said.
SEC filings for UGL aren't indexed yet (common for recently launched funds). Browse the issuer's filings on SEC EDGAR directly.