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.
Spot gold prices fell solidly under the $1,800 pivot point this morning and remained very near the $1,780 level for most of the remainder of the trading day. The decline came after of coordinated action from the ECB and other central banks.
Gold fell initially along with the QE2 announcement yesterday prior to recovering and rising steadily in after hours Asian and early European trading. Gold has risen to $1,362/oz as the dollar declined and oil and commodities climbed significantly.