(Kitco News) - Gold prices ended the U.S. day session lower Monday, giving back about half of Friday’s decent gains. A downside technical correction and bearish “outside markets” put pressure on gold and silver markets today. December Comex gold was last down $13.80 at $1,156.10 an ounce. Spot gold was last quoted down $22.80 at $1,156.25. December Comex silver last traded down $0.094 at $15.62 an ounce. The two key “outside markets” started out the trading week early Monday with the U.S. dollar index lower and crude oil prices higher. However, by midday both of those markets had reversed their courses (dollar index higher and crude lower) to add to selling interest in the precious metals markets. The dollar index hit a four-year high last week, while crude oil prices hit a three-year low last week. U.S. stock indexes were higher Monday and are hovering at or near their record or multi-year highs. The past few weeks have seen more of a “risk-on” trader mentality in the market place, which is another negative for safe-haven gold. In overnight news, the Russian ruble rebounded following its recent drubbing against other major currencies. The ruble was supported on rhetoric coming from Russia’s central bank, saying it will intervene in the currency markets to support the ruble. Russian president Putin also called the recent downslide in the ruble just speculation in the market. China’s consumer inflation rate held steady, at up 1.6% year-on-year, in October, it was reported Monday. The figure was in line with expectations. U.S. economic data released Monday was light and included the employment trends index. The U.S. Veterans Day holiday on Tuesday may make for a quieter trading day. (Note: Follow me on Twitter--@jimwyckoff--for breaking market news.) The London P.M. gold fix was $1,162.00 versus the previous London A.M. fixing of $1,172.00.
Posted on: Tue, 11 Nov 2014 01:24:20 +0000
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