Key points from the daily gold price market comments for the week of 11/9–11/13. This week, movements in the New York market and the dollar were reflected in gold prices, which alternated between declines and gains from day to day.
As of 9:00 on 13 November, the gold price was ¥21,733, down ¥513 from the previous day. Gold futures in New York fell sharply the previous day, with gold briefly breaking below the key $4,000 level amid waning expectations for an easing of tensions in the Middle East, a stronger dollar and rising U.S. yields.
As of 9:00 on 12 November, the gold price was ¥22,246, down ¥175 from the previous day. The dollar strengthened and gold was at times pushed below the $4,000 threshold. Moves in U.S. equities and the dollar’s strength were cited as factors behind gold’s decline.
As of 9:00 on 11 November, the gold price was ¥22,421, down ¥384 from the previous day. The dollar remained firm against the backdrop of an upside surprise in U.S. CPI and hawkish comments from Federal Reserve officials, prompting broader selling of non-yielding gold. The day was also marked by weak performance in U.S. stocks, including the Nasdaq.
As of 9:00 on 10 November, the gold price was ¥22,805, up ¥120 from the previous day. The dollar weakened amid expectations of easing tensions in the Middle East and lower oil prices, while gold rebounded on buybacks. Movements in U.S. semiconductor stocks also had an effect, and gold was seen moving as a source of guidance ahead of the CPI release.
As of 9:00 on 9 November, the gold price was ¥22,685, up ¥22 from the previous day. Market caution following the U.S. presidential election and expectations of further Federal Reserve rate hikes weighed on prices, while movements toward a stronger yen and dollar limited gold’s recovery.