Upcoming Federal Reserve Announcements Still Have Gold in a Tight Trading Range

GOLD

This morning the U.S. Dollar Index is holding around the 107 area, but interest rates have been moving lower. With the 10-Year Treasuries moving under 2.8%, it’s a good sign that the upcoming Federal Reserve Fed Fund interest raise may not be as bad as expected. We will see later this week. Gold is holding in a tight trading range between $1,715 and $1,728 per ounce, awaiting some direction for the Federal Reserve announcements. At 11am PT today, Gold is trading at $1,719, down $1 per ounce on average volume.

SILVER

Silver found strong buying in Asia and European, rounding into the U.S. Market above $18.65 per ounce. With the silver-to-gold ratio over 90-to-1, precious metal buyers are seeing an extraordinary value. At 11am PT today, Silver is up $0.15 per ounce, trading at $18.65 on good volume.