2nd December 2017

Once again, we saw gold attempt to break above the top end of its trading range by racing to $1292/ounce on Friday (up $16/ounce on the day) only to be turned back by the close. The complex eventually ended at $1283/ounce, up $6.40/ounce. Silver and platinum both finished slightly lower, while palladium bucked the trend to tack on another $13/ounce, ending at $1016/ounce. The roller coaster gold found itself in on Friday was largely attributable to political developments emanating out of Washington. In this regard, US stocks plunged on a mistaken ABC report that former national security adviser Michael Flynn was prepared to tell investigators that Donald Trump directed him to make contact with Russians during last year’s presidential election campaign, but this was quickly corrected, although not before triggering a 300-point selloff in the Dow. That marked the high point of the day for gold, but as the story was corrected and turned relatively less ominous, gold pared its gains.