Gold And Silver See Profit-Taking After Big Rise

GOLD

Gold moved lower this morning, testing the $2,350 support level on investor profit-taking following a rally sparked by the June U.S. jobs report last week. Gold moved to the highest level in more than a month on Friday after the U.S. jobs report showed that the labor market softened last month, solidifying expectations of an upcoming interest rate cut by the Federal Reserve.

At 11am PT today, Gold is trading at $2,357 per ounce, down $28 on heavy volume.

SILVER

Silver followed Gold lower this morning on profit-taking, breaking below the $31 per ounce support level, and reaching a low of $30.39 per ounce.

At 11am PT today, Silver is down $0.53 per ounce, trading at $30.67 on strong volume.