The unmistakable slowdown in China’s economy once again prompted some fairly heavy selling in the commodities’ space overnight and this morning on the heels of the largest cut in bullish positions by speculators since the summer of 2008.
This morning, the midweek session in New York opened lower as gold notched a fourth day of losses, and traded near $1,640 per ounce. Anxieties connected to China’s economy flared in the wake of reports that home prices in that country fell again.
This morning’s opening in precious metals was showing gold prices marginally higher, spot silver bids somewhat lower, and some mild gains in platinum and palladium. Rhodium fell $25 to $1,275 per ounce.
The new trading week got off to a relatively muted but also somewhat weak start in the precious metals’ complex. Spot gold climbed $3.70 to open at $1,586 per ounce and silver commenced the trading day at $27.24 the ounce with a 14-cent advance.
Precious metals headed a bit lower early this morning while noble metals headed in the opposite direction and built on yesterday’s hefty gains. Spot gold was quoted at $1,612 per ounce while spot silver was indicated at $28.05 in early trading.
Precious metals with the exception of gold headed a tad higher as the midweek session got underway in New York this morning. Spot gold was trading about $2 lower and was seen trying to maintain above the $1,740-$1,745 zone on the bid-side.
Friday’s precious metals markets opened a tad higher but continued to how their recent lack of energy. Technicians argue that gold needs to remain above a key support near $1,688 lest another $30 decline might be in the cards.
The midweek sessions in precious metals started off at sharply lower price levels in the wake of the sentiment that took gold post the Fed announcement that given current economic conditions it has opted to do nothing more than monitor the situation.
Little in the way of real change was noted this morning as the final session of the week got underway in New York. Spot gold hovered around $1,645 while spot silver appeared stuck around the $31.75 area.