Stock markets are the focus of investors today, as the S&P 500 works on extending an 8-day winning streak (the best in 8 years) on a favorable durable goods orders report, as Euro markets and the euro itself continue to show strength. The dollar was stronger overnight after taking a battering for most of last week, but crude oil continues to show muscle. Gold is trading near the Friday New York close after hitting a two-week low overnight. Physical buying in Asia is lower than this time last year, mostly due to Indian merchants buying as much as possible before the new import tariffs on gold hit last week.
Another factor that’s quieting gold right now is the impending FOMC meeting on Wednesday. This should give direction one way or the other to the market.