Daily Market Report 10/27/14

GOLD

Gold has traded all day in a very narrow $5.10 high/low price range, from $1,227.20 to 1,232.30 per ounce. This week Gold and Silver traders are waiting for news from the Federal Reserve Open Market Committee meeting, which ends on Wednesday. Dubai has now firmly established itself as one of the world’s leading Gold retail destinations. In a recent report, Dubai now accounts for 25% of global physical Gold trade.

At 11am PDT today, Gold is trading at $1,229.70, down $1.30 per ounce on light volume.

SILVER

Silver has also traded in a narrow high/low price range today, from $17.27 to $17.11 per ounce. Silver is waiting for fresh news, or an announcement, to provide direction. Many of the professional trader’s bias is lower, but $17 has proven to be an excellent support level recently.

At 11am PDT today, Silver is down $0.01 per ounce, trading at $17.18 on very light volume.