This morning’s indications showed gold and silver partially reversing yesterday’s losses with modest gains on the order of $4 and 11 cents, respectively. On the other hand, platinum and palladium each advanced by about one percent in the cash markets.
Metals markets opened mixed this morning as the final session of quite an active week got underway. Spot gold was down less than $2, with a bid at $1,731 and silver was off 13 cents at $32.18 per ounce.
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.
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.
This morning, the meltdown continued in gold, but this time, unlike during yesterday’s after-hours electronic trading, silver and the noble metals joined gold and fell hard as well. Once again, the only green color to be seen was the net change in…the greenback.
Gold prices remained near three-month highs around $1,780 overnight and early this morning as a similarly-sounding achievement was also noted in its most recent tandem trading partner-the euro. The common currency hovered near ten-week highs above $1.34 despite an EU projection of a recession.
Gold prices opened with a gain of $11 at $1,654 the ounce in New York while silver advanced about 40 cents to the $30.35 level. Both metals are in the midst of an upward push which might carry them to the $1,700 and $32 areas respectively.
A third day of losses was in store for gold as deepening "euroxiety" took hold of markets and wiped away remaining traces of last week's "europhoria." The yellow metal opened the midweek session with a drop of $9 and was quoted at $1,772 the ounce.
The final week of what has been a tumultuous (to say the least) trading month opened on a downward-trending note for certain precious metals this morning. The mere fact that the market did open for business on Monday was a welcome relief to many.