The midweek session started off this morning with additional declines across the precious metals complex. Spot gold fell by over $6 to under the $1,550 level once again and it opened at $1,547 per ounce. Silver lost 20 cents to start off at $27.69 the ounce.
The midweek precious metals trading session started with a bit of a recovery effort following Tuesday’s price rout. Market participants pushed the US dollar a tad lower on the index and lifted gold prices by about half a percent.
A report by the Xinhua news agency appeared to indicate that the Chinese government might be preparing to stimulate the country’s economy soon. Commodities specs ran with this news and pushed gold to $1,640, silver to $29.35 per ounce, and crude oil to $97 per barrel.
Spot metals prices extended their losses as the markets opened for the final session of this week in New York this morning. This week will mark the second one in a row of value declines in gold and silver as market participants continue to show doubts.
Following last week’s losses of 0.50% and 2.5% respectively, gold and silver started the final full trading week of the year on a muted note. Thinning participation and year-end book-squaring have begun playing a more significant role.
This morning’s New York trading action started off on the downside once again for the metals. Gold practically erased yesterday’s gains and dipped to near the $1,640 per ounce while silver also retreated from last night’s closing values and dropped to near $32.20 the ounce.
Precious metals markets started the new week with a bit of a mixed picture last night in overseas trading. Spot dealings showed gold falling $2.40 to $1,640.00 and silver down a dime to $31.60 per ounce. Platinum and palladium each advanced $1.
Another wild ride for gold unfolded over the past two-and-a-half trading sessions as sellers and bargain hunters played tug-o-war with the market’s price rope and sent the yellow metal over a relatively wide spectrum of quotes.
Friday’s spot metals dealings opened to the downside amid mild profit-taking and amid incipient signs that pre-weekend book-squaring was underway. Spot gold opened with a loss of $6 at the $1,665 bid level while silver dropped 27 cents to start at $30.31 the ounce.