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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.
Blockchain technology may help keep track of the roughly $200 billion of the precious metal dug from remote mines, traded by middlemen and melted down by recyclers that’s sold each year to buyers sca
The precious metals complex is mixed this morning with bullion prices down either side of 0.3% with gold prices at $1,330 per oz and silver prices at $17 per oz, while the platinum group metals are u
The Bullion Desk
Gold jewellery buyers in the UAE can expect some price increases this week as the precious metal continues to ride on dollar weakness and stays firm amid a government shutdown in the United States.
Gold fell on Tuesday from the previous day’s four-month high, reflecting losses across precious metals and commodities more widely, as the dollar clawed back some lost ground after hitting a three-ye
Gold prices hit a four-month peak on Monday as the US dollar index slumped to its lowest in three years but analysts warned the greenback's decline could be short-lived as it was not driven by fundam
Times of Oman