Gold And Silver Rally On Weak PMI Data

GOLD

Gold and Silver prices have rallied today, trading at session highs following a drop in both the U.S. Dollar Index and U.S. Treasury Yields. The U.S. Dollar is experiencing pressure after weak Preliminary Manufacturing and Services PMI reports that fell short of August estimates. Before the release of the data, Gold was already experiencing buying momentum in the market and has since been pushed higher as investors fall back on safe haven investments.

At 11am PT today, Gold is trading at $1918.23 per ounce, up $20.40.

SILVER

Silver prices are up today, pushing higher for the 5th day in a row and soaring past the $23.85 resistance level this morning. Silver appears to be gaining some bullish momentum as we head into the Fed’s Jackson Hole Symposium, scheduled to begin Thursday.

At 11am PT today, Silver is trading at $24.36 per ounce, up $0.94.