Analyzing the Surge and Predicting Trends in the Precious Metal Market

Analyzing the Surge and Predicting Trends in the Precious Metal Market

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Short-Term Gold Outlook – Monday, October 16, 2023 From near $1,700/oz just a fortnight ago, gold surged back to $1,900/oz, after news of Middle East’s latest crisis led to a huge leap last Friday that topped a week of incredible price swings in precious metal prices. COMEX Gold’s most active futures contract, the December contract, settled at $1,941.50/oz, up $58.50, or 3.1%, on the day. For the week, gold gained of 5.2% - its most in a week since March. Spot gold was at $1,928.42/oz, up $59.55, or 3.2%. It hit an intraday low of $1,810.10/oz — less than $10 above $1,700 territory. Last Friday’s surge up was the biggest in a day for spot gold since March 17. The rounded-up weekly gain of 5% in the current week was also the largest since March.