There’s a window to buy open right now, with gold trading around £1,283 ($1,750) yesterday (Tuesday). This opportunity comes as the latest monthly data from the Institute for Supply Management (ISM) showed better-than-expected September momentum, a trend that has helped to strengthen the US dollar and bond yields. This creates a window to buy on the dip, though as ever, it’s important to act fast given gold’s predisposition to rebound.
Despite the positive news from the sector, there could be storms on the horizon with the supply chain issues that have plagued Great Britain and Europe also expected to make their presence felt across the Atlantic. The chair of the ISM Business Services committee has warned that this could happen sooner rather than later, commenting that, “Ongoing challenges with labour resources, logistics, and materials are affecting the continuity of supply.” Reading between the lines, it seems likely that there will be an economic impact a little down the road, something which heavily favours a gold price spike.
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