Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
Gold prices opened the week barely above $1,250, still facing pressure from the dollar’s strong performance this year, and an expected rate hike by the end of the year from the Federal Reserve. Oil prices were significant in trading news this week, as crude oil fell below $50 per barrel, fueled by continuing oversupply concerns in the Middle East.
The yellow metal gained some on Tuesday as the dollar weakened, but the U.S. Consumer Price Index simultaneously put pressure on the precious metal, as positive economic data revealed more incentive for the Fed to raise rates.
Wednesday saw gold move to two-week highs around $1,270 per ounce against lower dollar, Asian and European shares. Oil prices made minor gains, and the last presidential debate showed Hillary Clinton clearly in the lead.
On Thursday, gold prices held flat before a European Central Bank meeting; the results were unchanged interest rates, as were expected. U.S. data showed jobless claims rising to a six-week high, though most expect this not to be enough to sway the Fed’s plan to raise rates in December. Gold closed out the week between $1,260 and $1,270 per ounce.