Gold prices opened on Monday at $1,280.48. After a pullback in overseas trading, the yellow metal regained all ground lost and then some when U.S. markets opened, closing up on the day at $1,282.71. The price of gold opened slightly up on Tuesday at $1,282.89 and dipped in overseas trading before regaining momentum at the opening of the U.S. market. The close for the day was $1,273.14. Wednesday opened at $1,273.08, shuffled around that same level until the U.S. open, then took off on a bull run to close up $6.82 at $1,279.90. Thursday opened level with Wednesday’s close, shot up $1.58 in the first hour, and then experienced a pullback for the day to close at $1,267.98. Gold prices opened slightly down on Friday at $1,267.64, traded in a tight range around that level until the U.S. open, then surged upwards to close at $1,273.35 for the week.
The downward pressure on gold and the rest of the precious metals complex was again the result of a stronger dollar. World equity markets continued to perform well along with the dollar, but many analysts are calling the market a bubble and some are even predicting a market correction. The rising dollar was due to further optimism for a deal on tax reform; however, many critics argue that tax cut legislation will not be possible without ballooning the budget deficit and expanding the national debt—events that would increase gold prices. 1