The short-term outlook for gold and silver remains volatile, reflecting chronic political uncertainty. In the longer term, however, precious metals may be set up to rise in price as the promised recovery fails and recession leads to depression.
Spot dealings opened with lower prices in all but palladium this morning in New York. Gold lost $9 to be bid at $1,618 per ounce while silver declined 42 cents to the $28.32 mark per ounce. Platinum fell $2 to $1,478 the ounce while palladium bucked the trend and climbed $1 to $626 per ounce.
The final session of this week opened in New York this morning with an equal lack of directional conviction in precious metals. Gold fell $3 to the $1,620 mark while silver was off by six pennies at $28.58 the ounce.
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.
Spot gold dealings commenced the new trading week with a loss of $6 per ounce and the yellow metal was quoted at $1,767 on the bid-side. Silver prices fell by about a dime per ounce and initial indications came in at $35.32 the ounce in the white metal.
Metals markets opened firmer on Monday as the on-going eurozone drama continued to play out without signs of a resolution despite the G-20 summit's end. Gold moved higher despite a slip in the euro and a slightly stronger US dollar.
Metals prices received further lift this morning as turmoil in Europe diverted funds in their direction but the complex was still competing with what is apparently shaping up as a stock market rally of notable proportions on both sides of the Atlantic.