Gold and silver close out The Daily Board. They don't grow in a field, but they respond to the dollar, interest rates and risk sentiment, the same forces that move grain, crude and the Canadian dollar. This guide explains how gold is quoted, what moves it and what to watch. Unfamiliar terms are explained in the commodity market glossary.
How gold is quoted
Contract: COMEX gold futures (GC), traded in New York.
Units: US dollars per troy ounce.
Size: one contract covers 100 troy ounces.
Contract months: February, April, June, August, October and December are the most active. The Board labels the month it quotes, because the front month rolls forward over time.
Futures vs spot: spot gold is the price for immediate delivery. Futures usually sit slightly above spot because of financing and storage costs, so a quoted futures price can differ a little from the spot price you see elsewhere.
What moves the price
The U.S. dollar: gold is priced in dollars, so a stronger dollar tends to weigh on it and a weaker dollar tends to support it.
Real interest rates: gold pays no interest, so rising inflation-adjusted yields make it less attractive and falling yields make it more attractive.
Federal Reserve expectations: traders react to rate decisions, speeches and the odds of future hikes or cuts, often more than to the decision itself.
Safe-haven demand: geopolitical stress and market turmoil can send money into gold, though gold doesn't always rise in a crisis.
Central banks and investors: official-sector buying and flows into gold funds can support prices over longer stretches.
Reports and events to watch
Fed meetings and speeches: the central driver of rate expectations.
Inflation data: U.S. CPI and PPI, which shift the rate outlook.
The monthly jobs report: usually the first Friday of the month.
Treasury yields and the dollar index: the most direct daily read-through.
The gold-silver ratio
The ratio is the price of gold divided by the price of silver. A rising ratio means silver is lagging gold, and a falling ratio means silver is outperforming. Silver carries an industrial-demand component as well as the safe-haven bid, so it often moves more than gold in either direction. The Daily Board reports both for that reason.
Why it matters on the Prairies
The dollar and interest rates that move gold also move grain prices, the Canadian dollar (which sets what Canadian canola and barley are worth in local terms) and farm borrowing costs. Gold is a quick read on those macro forces. A sharp move in gold on a Fed surprise is often a heads-up for what the rest of the board may do next.
See it in practice
Read how gold traded when bond yields surged in Gold, Silver Sink as Bond Yields Spike to 19-Year High, or browse every gold edition. For how each edition is built and where the prices come from, see How to Read The Daily Board and the About page.
This guide explains how the market works. It is not investment advice or a recommendation to buy or sell.