Gold prices ended the U.S. day session moderately lower and hit a three-week low Thursday. A generally keener “risk-on” trader and investor mentality worldwide helped to sink the safe-haven metal today. The gold market has backed way off from a six-week high of $1,338.30, scored early Wednesday. December Comex gold was last down $7.80 an ounce at $1,265.70. December Comex silver was last up $0.332 at $18.71 an ounce.
A stronger U.S. dollar hurt gold and silver but the majority of action came from regular trading – whether to the good or to the bad. The stronger dollar reflected the great strength in the financial sector of the equities markets. IBM, which has risen 10points in the last three days, also contributed.
The dollar surged to the strongest level since March as investors adjusted to the reality of a Donald Trump administration and increased inflation expectations.
A Bloomberg gauge of the U.S. currency climbed for a second day as benchmark Treasury 10-year yields exceeded 2percent, reaching the highest since January. Investors are seeking clues as to which policies the Republican would pursue and whether they’ll be more inflationary than under President Barack Obama. The president-elect went to Washington Thursday to meet Obama, a step toward taking the reins of a divided nation.
Reference: Kitco
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