Gold prices ended the U.S. day session modestly lower and hit a two-week low Monday. Follow-through selling following Friday’s down day was featured. The precious metals markets have taken a hit in the aftermath of a stronger-than-expected U.S. employment report released last Friday that puts a Federal Reserve interest rate hike this year back on the table. December Comex gold was last down $2.50 an ounce at $1,341.90. September Comex silver was last down $0.007 at $19.81 an ounce.
World stock markets were mostly higher Monday as risk appetite in the world marketplace has been on the upswing the past couple weeks. U.S. stock indexes were weaker on mild profit taking in afternoon trading Monday. The weaker U.S. equities markets helped precious metals prices move up from their daily lows.
"The U.S. is not hiking rates as fast as we expected them to, and so the macro environment is still favorable to gold," Deutsche Bank mining analyst Frank Nganou said.
"At the moment, it's all about central banks and whether they stay dovish. Every bit of information from the U.S. will move gold."
Reference: Reuters, Kitco
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