Gold tested the $1,250 support level<br /> Daily Market Report 5/24/17

GOLD

Yesterday, concerns that the Federal Reserve minutes could show an interest rate increase in June caused Gold to test the $1,250 support level. Today, Moody’s announced a downgrade in China’s credit rating from A1 to A3 on worries of slower economic growth and growing debt. Some long-term investors in Asia saw this as an opportunity to add to their Gold and Silver holdings, helping support both metals at the current low prices. At 11am PDT today, Gold is trading at $1,253 per ounce, down $4 on good volume.

SILVER

Today, Silver briefly broke down below the key $17 support in early trading, reaching $16.88 per ounce. Silver quickly rallied with Gold after the Chinese credit downgrade, hitting a high of $17.19. At 11am PDT today, Silver is down $0.04 per ounce, trading at $17.11 on excellent volume.

Copyright © 2023 MINTSTATEGOLD.COM. All rights reserved.