Both Gold & Silver Bounce Off Lows And Move Higher

GOLD

Gold reached a low this morning in China of $4,040 per ounce, before finding buyers in London and the U.S., which took the price up to $4,100. The U.S. Dollar trading at a 6-week high put pressure on the Gold price in early trading. Optimism among analysts on a possible interest rate cut in December was helping Gold buyers. When Gold trading moved to the U.S., the Gold buyers appeared and took the price to a day’s high of $4,124 per ounce.

At 11am PT today, Gold is trading at $4,120, up $40 for the day on average volume.

SILVER

Silver reached a low of $49.67 during China and India trading, but found strength in London and the U.S. to move back above $50 per ounce. The markets continue to test that key $50 level, and silver is finding fresh buying. Silver followed Gold higher during U.S. trading, reaching a high of $51.05 before seeing light profit-taking.

At 11am PT today, Silver is up $0.60 per ounce, at $50.95 on normal trading volume.