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.
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.
Gold spot prices opened with losses on the order of about $10 and near the support level that the $1,650 area is thought to be able to now offer. Silver dropped nearly 50 cents and started the midweek session out under the $30.50 mark per ounce.
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.
The snapshot price check indicated gold ahead by $10.00 an ounce, at $1,362.1o on the bid-side. CFTC data continued to reveal that speculative interest in gold bullion is still waning - to the benefit of other, apparently more 'attractive' metals.