Gold And Silver In Down Slope As US Dollar Strengthens

GOLD

Gold and Silver prices are moderately lower today after a US economic report came out noting a surprise increase in retail sales numbers from July. Metals are also under pressure as hopes of avoiding a recession continue to rise as the US dollar strengthens.

Chinese economic data released Tuesday suggests weaker demand for precious metals, though the decrease in price may inspire a new wave of Gold buying in Asian markets and slow Gold’s decline.

At 11am PT today, Gold is trading at $1904 per ounce, down $6.

SILVER

Silver followed Gold down last night, continuing the bearish 3-week downtrend that Silver has been experiencing. However, some analysts predict that Silver prices will receive support from growing industrial demand as Silver’s use in solar expansion continues to increase and put pressure on supply.

At 11am PT today, Silver is trading at $22.60 per ounce, down $0.03.