The yellow metal finished on the London p.m. fix at $1,216.50 an ounce on Oct. 1. Today it's on track to close around $1,231.50. That's a roughly $36.50 an ounce recovery since gold sank below the $1,200-an-ounce threshold on Oct. 3. Gold futures for December delivery traded up 0.3% at 1,232.90 an ounce this morning on the Comex in New York.
Gold gained support today from news of an Ebola virus case in New York City. The safe haven investment tends to climb when fear rises.
"This is not good news," Dennis Gartman of financial publication The Gartman Letter wrote today. He said that although bullion "was under pressure yesterday as stock prices rose sharply and as capital was moving out of gold and into stocks...the new Ebola scare will almost certainly change that psychology as the trading day progresses."
October gold prices are getting a boost from a pickup in Asian gold demand. Reports released this week said that Asian central banks have been upping gold bullion purchases. (Back on Sept. 5, we told Money Morning readers to expect Asian demand to grow in Q3. You can find that full explanation here.)
Next week marks the the final days of October. Look for gold to move on U.S. Federal Reserve news. The Fed will conclude its two-day meeting with a policy statement on Wednesday.
Opinions are divided about when the Fed will raise interest rates. That's key for gold investors because lower rates make gold a more attractive investment.
Today's Top Investing Tip: A new case of Ebola was reported on U.S. soil. If the virus scare triggers another stock sell-off, here's what to do...