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Gold made a recovery earlier today as the dollar’s momentum slowed, but it remains on track for a quarterly decline, with speculations revolving around the Federal Reserve’s commitment to maintaining high-interest rates. The recent inflation data provided a slight boost to the gold market.

The Commerce Department reported a 0.1% increase in the Personal Consumption Expenditures (PCE) price index, excluding food and energy, for the month, falling short of the projected 0.2% gain. The annual core PCE increase of 3.9% aligned with expectations. Consumer spending, measured in current dollars, rose by 0.4%, a significant drop from the 0.9% recorded in July. Following this news, the PGS spot price surged by more than $7 per ounce.

Investors are now keeping a close eye on the upcoming monthly U.S. jobs report, a key indicator closely monitored by the Fed. Its release is scheduled for next week, barring any disruptions due to a potential U.S. government shutdown.

The ongoing stalemate among lawmakers regarding legislation to fund the U.S. government beyond October 1, the start of the federal fiscal year, lent support to gold as a traditional hedge against uncertainty. As of early Friday, there seems to be no clear resolution to avoid a government shutdown.

Front-month gold futures experienced a 0.7% decline on Thursday, settling at $1,878.60 per ounce on Comex. The December contract has seen a 3.4% decrease this week. Gold’s performance in September shows a 4.4% decline, following a 2.2% drop in August and a 4.1% increase in July. Year-to-date, gold has risen by 2.9%. The December contract currently stands at $1893.30, up $15.70 (+0.84%) per ounce, while the PGS spot price is at $1876.40.

Gold has been hovering near its six-month lows due to expectations of prolonged high-interest rates aimed at curbing inflation. This speculation has also driven the dollar and U.S. Treasury yields toward their strongest quarterly performance in four quarters, both of which typically have a bearish effect on gold prices.

According to the CME FedWatch Tool, approximately 86.7% of investors anticipate that the Federal Reserve will maintain its federal funds rate without change in November. Only 13.3% expect a 25 basis point rate hike. A similar outlook prevails for the December meeting, with most investors predicting the Fed will keep rates steady. Since March 2022, the Fed has implemented a total rate hike of 5.25 percentage points in its efforts to combat inflation. The central bank maintained its benchmark interest rate at a range of 5.25% to 5.50% in September, and any indication of a halt or pause in rate hikes is generally seen as bullish for gold.

Front-month silver futures saw a slight increase of 1.7 cents on Thursday, settling at $23.74 per ounce on Comex. However, the December contract has declined by 4.6% for the week. Silver has experienced an 8.4% decrease this month after a marginal 0.6% gain in August and an 8.5% increase in July. Year-to-date, silver is down by 5.4%. The December contract currently stands at $23.640, up $0.899 (+3.95%) per ounce, while the PGS spot price is at $23.39.

Spot palladium, on the other hand, surged by 4.7% on Thursday, reaching $1,290.50 per ounce, with a 1.6% increase for the week. Palladium has enjoyed a 5.1% gain this month following a 5.3% decline in August and a 3.6% rise in July. However, palladium has experienced a substantial 29% drop since the beginning of the year. The current PGS spot price is up by $0.50 per ounce, at $1289.00.

Spot platinum witnessed a 2.8% increase on Thursday, reaching $915.60 per ounce, though it has incurred a 2.2% loss for the week. Platinum is down by 6.1% this month, after a 1.7% gain in August and a 5.2% increase in July. In total, platinum has experienced a 14% decrease in 2023. The PGS spot price currently stands at $927.70, reflecting a $14.50 per ounce increase.

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Michael BarrowMichael Barrow
19:58 23 May 23
Great products and working with Ploutos is a real pleasure,wish other businesses were as friendly and easy to deal with. I would recommend them any time and i will be ordering more products
Austin HAustin H
17:55 24 Apr 23
Nikos was so professional! He helped me with great recommendations and I couldn't be happier with the products.Thanks Nikos!!
jonathan ortizjonathan ortiz
00:18 22 Apr 23
For any first time customer I highly recommend Ploutos gold and silver. Niko is well knowledgeable about his products and helped answer all of my questions and concerns.
Joshua KelleherJoshua Kelleher
22:39 19 Apr 23
Niko is fantastic. Bought some maples, krugerrands, and cook island silver 1 ounce coins which were amazing. When I picked them up they were straight from the mint. Everything was in pristine condition. Given the high demand lately it took a couple weeks for everything to come in, but it was well worth the wait. Prices were fair and Niko is a great guy to talk to. I would recommend this place to anyone looking to buy physical bullion.
Brian BaragaBrian Baraga
09:22 06 Apr 23
I recently made several orders online and everything was delivered in a very short time. The owner of the business was extremely helpful in finding items I was interested in and was able to fulfill my request.
John PicardJohn Picard
04:25 08 Feb 23
Bought a couple of times now from Niko. His prices are the lowest and most fair. He works very hard to get you the product that you want and cares about customer satisfaction. You can feel confident buying from Niko.
Dave GuerraDave Guerra
21:10 16 Jan 23
Love this guy. Niko was so willing to help me even off hours. I would send him a text about a certain item, and he would call me back promptly to see how he could help me out. Niko has been the best my wife and I have ever work with. Please everyone do your business with ploutos Gold and Silver. If he doesn’t have what you’re looking for,He will get it.
George TiglianidisGeorge Tiglianidis
02:07 01 Nov 22
I’ve always wanted to purchase precious metals and wanting to support a localbusiness a friend recommended Ploutos.I placed my first order with Niko last December of 2021 as a stocking stuffer for my kids. My order was placed online and just a few days later my order had arrived, nicely packaged with a bow!I caught the itch and months later I wanted to make another purchase. This time it was a bigger order of silver rounds, the price was competitive and because I’m not to far, Niko hand delivered my order the very next day!His prices are competitive and his customer service is top notch.If you have any questions, Niko knows his stuff.Since I’ve done business with Niko and Ploutos, I have recommended his services to a few other friends and they all agree that Ploutos is legit.If you have any hesitation, a phone call with Niko will put your mind at ease.

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