Gold And Silver Trading Above Lows Amidst Continued Pressure

GOLD

Gold and Silver prices continue to decline amidst economic pressures from disappointing reports from China and the continued rally of the U.S. Dollar Index. Following minutes released from the last FOMC meeting of the Federal Reserve, U.S. Treasury yields rose and we saw the U.S. Dollar Index hit a nine-week high last night as Gold dropped to a five-month low in response, now hovering around the $1890 level. Minutes from the July meeting also indicated a possible upcoming rise in interest rates.

Precious metals bulls indicate that we’re in a consolidation period for Gold with hopes of a downswing in the U.S. Dollar index following its peak. There is also anticipation of positive movements in the metals markets as we enter the latter end of the business cycle for the year.

At 11am PT today, Gold is trading at $1,886.20 per ounce, down $11.81.

SILVER

Silver continues to hover in the mid $22 range, up slightly from yesterday and trading above last night’s lows.

At 11am PT today, Silver is trading at $22.63 per ounce, up $0.12.