British Currencies Drop Almost on Par With The U.S. Dollar

GOLD

The Gold price sold-off during Asian trading again, dropping $11 to a low of $1,634 before seeing a rally as the European commodity markets opened. The U.S. Dollar Index reached a high of 114.53 in overnight trading, continuing to put pressure on precious metal prices. As European markets were closing today and U.S. Markets were opening the British currencies dropped in almost to par with the U.S. Dollar. That drop in the British pound caused the Gold price to drop 1%. At 11am PT today. Gold is down $20 per ounce, trading at $1,625 on heavy volume.

SILVER

Silver followed gold lower during Asian trading, reaching a low of $18.45 per ounce. But, like Gold, Silver rallied back in later in European and U.S. trading above the key $19.00 level. At 11am PT today, Silver is trading at $18.42 per ounce, down $0.48 on heavy volume.