Gold News & Info

Source: Dana Samuelson, American Gold Exchange

Austin, TX— Gold, silver, platinum and palladium all traded lower today despite the U.S. dollar weakening slightly against other major currencies. After trading range bound yesterday and into the overnight Asian session, precious metals came under selling pressure in the European market early this morning and new short-term lows were set in all four precious metals during the New York trading session.

Despite weakening a bit today, the U.S. dollar remains the short-term currency of last resort. The U.S. dollar index, which measures the dollar against a basket of major foreign currencies, fell 0.06% today to 84.20 but it remains on track for its ninth consecutive week of gains, its longest winning streak since 1997. At just under 107 Japanese yen to the dollar, the dollar is at its highest point relative to the yen since 2008. The dollar is at a 14-month high relative to the Euro, a nine-month high relative to British pound and a seven-month high against the New Zealand kiwi.

During the Comex session December gold bottomed at $1,235.30, December silver at 18.57, October platinum at $1,368.10 and December palladium at $830.60. Following these lows bidders came into the precious metals markets as the Comex session waned and prices rebounded slightly.

At the Comex close: December gold fell $6.30 to $1,239.00; December silver shed 32 cents to $18.53; October platinum fell $10.30 to $1,370.70; December palladium fell $15.65 to $833.30 an ounce. Prices for all four metals continued to rebounded modestly in the electronic trading session following the Comex close.