Gold prices ended the U.S. day session weaker but up from the daily low that marked a two-week low Monday. Silver prices finished sharply lower and hit a seven-week low. The key “outside markets” were in a bearish daily posture for the precious metals to start the trading week, as the U.S. dollar index was slightly higher and crude oil prices were lower. December Comex gold was last down $2.90 an ounce at $1,343.30. September Comex silver was last down $0.432 at$18.88 an ounce.
Nymex crude oil futures prices were down today on profit taking and a corrective pullback after hitting a six-week high last Friday. The oil bulls still have the near-term chart advantage amid a price uptrend. Meantime, the U.S. dollar index was a bit firmer on a corrective bounce after hitting a seven-week low last Thursday. Some dollar-bullish “Fed speak” just recently has helped to support the greenback.
The key event for gold this week will come on Friday when Fed Chair Janet Yellen speaks at the annual Federal Reserve symposium in Jackson Hole, says Sean Lusk, director of Walsh Commercial Hedging Services. In the meantime, he says, there could be some profit-taking in gold futures.
Gold futures fell in overnight screen trading after comments from Federal Reserve Vice Chairman Stanley Fischer and Bank of Japan Governor Haruhiko Kuroda, says Alex Thorndike, senior trader with MKS (Switzerland) S.A. The metal remains softer in early New York trading, with the U.S. dollar stronger.
Reference: Kitco
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