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Gold Will Remain Lower Until we See Inflation

Gold movement has been relatively muted, despite the S&P 500 crossing 2000 for the first time on August 25 and an escalation in global regional conflicts. From the trading floor of the NYMEX, Independent Metals Trader, Eric Zuccarelli, explains to TheStreet’s, Jill Malandrino, that gold is not trading as much on fundamentals but more so on technical. Zuccarelli says you just don’t see those $50-$75 moves that were typical into the peak in 2011. Even with multiple geopolitical hotspots going on, traders who try to get long end up dumping the position shortly. As a safe haven, what’s left for gold is currency driven which appears to be more stable. Until we see the Big “I”, or inflation, Zuccarelli believes gold will remain at lower levels.