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Gold Weekly Snapshot, Nov 13, 2023

Gold hasn’t been immune to a sudden price pullback across the precious metal complex, despite lower yields.

  • Fed officials, including J. Powell sounded more hawkish in their battle with inflation and an easing of tensions in the Middle East both impacting the metal, while the ‘Magnificent’ 7 remain the safe haven for now…
  • Gold futures settled lower on Friday dropping $32 an ounce closing the week at $1,937 per ounce or -3.10%.
  • Week to-Week Open Interest decreased by 12,292 lots or 1.23 M ounces as traders booked gains.
  • COT report will be delayed due to the federal holiday, but be sure, money managers (funds) have trimmed their net-long positions.
  • Gold options are tentatively pricing in a smaller risk of escalation in the Middle East as the metal skew recedes from a 7-month high.

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