Gold opened lower but quickly turned higher
Gold opened lower, reaching an early low of $1,341 per ounce, but quickly turned higher. A combination of strong demand from Asian and Middle Eastern buyers and a weaker U.S. Dollar drove the price of Gold up to $1,350 per ounce. At 11am PDT today, Gold is trading at $1,347, up $3 per ounce on excellent volume.
When Gold sold off this morning, Silver showed excellent support above $16.50 per ounce. At that price sizeable demand hit the markets and Silver rose above $16.70 per ounce. At 11am PDT today, Silver is up $0.06 per ounce, trading at $16.70 on good volume.