New York precious metals action opened with minor losses in gold and with mild advances in other metals, except for palladium, which continued it stunning two-day climb by adding 4% more to values in the spot price.
Precious metals were definitely in the 'thick' of the 'buy everything!' storm of sentiment and short-covering panic this morning and obviously benefited from it as well. Gold touched highs near $1,722.
Spot bullion started the Tuesday session with a $12.50 rise to the $1,690 bid level as the US dollar fell about 0.23% on the trade-weighted index amid signs of the reaffirmation of the US' ratings despite the crumbling of the debt supercommittee.
Gold staged an attempted recovery this morning following Thursday's washout in prices that brought it to within striking distance of the pivotal $1,700 level. The yellow metal was on course to record its largest weekly decline in two months.
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.
Gold spot dealings in New York opened the week on a downward note, losing from .50% to 1% and basically trading in a channel of from $1,770 to $1,780 without Friday's display of bullish energy. Spot bullion commenced trading at $1,781 per ounce.
Precious metals markets opened firmer this morning as the passage of the austerity measures by the Italian Senate gave comfort to market participants who have been pinning hopes on the avoidance of a euro-zone meltdown lately.
Two hours into the Thursday session the selling intensified and gold fell some $10 under the $1,750 support level with a loss of nearly $30 per ounce. Silver dropped by 70 cents to once again draw close to the $33 mark.
Precious metals prices opened mixed on Tuesday with gold and silver retreating a bit while platinum and palladium staged advances. Spot gold was quoted at $1,791 per ounce, down about $5 while silver fell 15 cents to the $34.bid level per ounce.
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.