Crude oil is lower today, but October crude is still trading around the $100 level. Meanwhile, the USD rallied following the 10:00 a.m. economic release, curbing gold’s ability to extend its earlier rally heading into the weekend. It has been another headline-driven week for precious metals. Gold and silver showed some constructive price action and buying interest, but continued uncertainty surrounding Iran, elevated crude oil prices, and the upcoming FOMC meeting have made it difficult for the rally to gain sustained momentum.

The longer-term fundamentals for precious metals remain positive, but in the near term, the stronger USD, high crude prices, and uncertainty over the path of U.S. interest rates continue to drive price action.

For now, patience remains important as we head into next week. For informational purposes only. Not investment advice.