Both gold and silver are trading higher today, with both precious metals showing strong and respectable gains on the day. Silver is continuing its remarkable breakout gaining over 2% in trading today. Gold has closed at the highest trading point this year, and in fact the highest trading point over the last six years, gaining 1.16% in trading today.
As of 4:50 PM EDT gold futures basis the most active August contract is currently trading up $16.40 and fixed at $1427.60. Silver futures have broken above $16 per ounce after factoring in today’s $0.32 gain, and is currently fixed at $16.005.... Read more
As you know, on any given day the price change in gold is the result of the combination of dollar strength or weakness and bullish or bearish market sentiment bidding the precious yellow metal higher or lower. In today’s case the vast majority of gold’s decline can be directly attributed to dollar strength.
Solid economic data pertaining to U.S. retail sales gave a boost to the dollar against all major currencies. As of 4:15 PM EDT the dollar index is currently back above 97, at 97.035 which is a increase of.49 points or +0.51%. At the same time gold futures basis, the most active August... Read more
Gold had a respectable gain today, however compared to the other metals in the precious metals group had the smallest percentage gain on the day. As of 4:40 PM EDT gold futures basis the most active August contract is currently trading at $1416, which is a net gain of $3.80 on the day.
In terms of percentages gold gained 0.28% on the day. This was much lower than the other precious metals with platinum leading the way. Platinum futures gained $12.20 on the day currently fixed at $846.80, which is a 1.46% gain. In second place comes palladium futures which gained 1.3%, and after factoring in... Read more
Although gold’s weekly range was absolutely dwarfed by the highs and lows achieved during trading last week, the end result was very solid and respectable gains. Considering that gold prices opened at roughly $1400 per ounce at the beginning of this week, and as of 4:30 PM EDT is trading at $1416.30; the precious yellow metal was able to continue the upside rally that has been in play.
Last week gold prices closed about a dollar below its opening price on Monday, however it was the expanded range that really caught the attention of market participants. In the first week of July gold began to... Read more