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Gold and silver futures were ending the U.S. day session modestly lower but well up from their daily lows. After seeing selling pressure for most of this week, the metals bears may now be exhausted on a near-term basis. December Comex gold was last down $3.30 an ounce at $1,282.90. December Comex silver was last down $0.041 at $17.00 an ounce.
A rally in the U.S. dollar index this week has combined with keener risk appetite to put the gold and silver markets on the defensive. The dollar index did back down from its session high Wednesday, which helped to bring the precious metals off their lows.
Still, the gold and silver bulls need to step up and show some power yet this week, or face the prospect of serious near-term chart damage being inflicted.
The U.S. stock indexes are at record highs this week, to underscore the “risk-on” mentality of the marketplace. Hopes for tax cuts in the U.S. are helping to lift the U.S. stock market. World monies continue to flow into equity markets, which limits investment demand for hard assets, such as the precious metals.
China on Wednesday started its twice-a-decade Party Congress meetings, in which major economic and cultural planning initiatives are laid out for the next five years. Traders and investors will keep a close watch for any pronouncements coming out of those meetings. China’s President Xi Jinping’s opening speech contained no surprises to the markets. He urged the government to play a greater role in the Chinese economy. He also said he wanted China to become more open in world market dealings.
Gold prices drifted in a narrow range on Monday, but held near the previous session's low, pressured by a firmer dollar and expectations of a series of interest rate hikes by the U.S. Federal Reserve
Gold prices edged higher on Thursday, after marking a near three-week high in the previous session, as the dollar eased while palladium hit a fresh peak since February 2001.
Spot gold rose
Aluminium industry across the globe will remain resilient amid growing Asian capacity and policy uncertainty in China and the USA as global economic growth will drive demand curve steeper.
Times of Oman
The Bloomberg Commodity Index of 22 major commodities has risen to an eight-month high with a continued rally in energy and industrial metals being the main contributors. Brent crude oil trades back
Gold edged lower early Wednesday as the dollar firmed with investors awaiting hints on the U.S. Federal Reserve's monetary policy stance following the central bank's two-day meeting. The market