A larger than 9% reversal in the price of silver overnight helped drag the entire precious metals complex to lower price ground as the new trading day dawned on Thursday. The white metal turned away from the high of $39.01 seen just hours earlier.
Metals markets opened with a tad of weakness manifest in gold and lingering strength in the other components of the complex this morning. Spot gold traded near the $1,525.00 area showing and silver opened at $37.18 mark per ounce.
Tuesday's sun shone brighter on commodities for a change, as a dip in the US dollar and several other constructive background factors conspired to lift the complex towards higher value ground with precious metals trading opening on a firmer note.
Gold and other precious metals prices fell as the new trading week got underway in New York this morning and the principal culprit for the decline was identified as the rising US dollar by polled traders.
Gold prices briefly reclaimed the $1,500 mark in overnight trading and rose to highs near the $1,505 area following the emergence of sporadic bargain hunting and a modicum of weakness in the US dollar.
Precious metals once again attempted to recover as the daily New York trading action got underway on Wednesday. The US dollar showed little in the way of gains and also showed no tendencies to ease much below its recent multi-week highs.
Tentative rebounds in precious metals took place during the overnight hours as a bit of dollar softness brought out a few bargain hunters. Questions continue to swirl around the market regarding where prices might be headed next, and why.
Commodities staged a modest comeback late on Thursday and into Friday morning as a slightly weaker US dollar drew a few courageous bargain hunters into the ring looking for an opportunity for a short-term buck-making opportunity.