Major stock indices were up in premarket trading and kicked off the first trading session of October with positive momentum, but have since pulled back, with the S&P 500 and Dow Jones now virtually flat on the session.
None of this was good for precious metals prices. Gold and silver have both fallen to their lowest levels since early March, with spot gold last trading at $1,833.20, down 0.85% on the session, and COMEX silver futures down 4.4% at $21.445 per ounce at the time of writing. “Financial markets were bracing for a shutdown, so there’s an element of relief, but it’s only a temporary lifting of one of the clouds hanging over the markets now,” he said. “Interest rates and Fed hawkishness remain the name of the game and the main driver of the markets over the next few weeks.”
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