Gold & Silver Consolidating After Interest Rate Speech

GOLD

Gold traded today between $3,358 and $3,377 per ounce, as it builds a firm base above the key $3,350 per ounce support level. July new homes sales figures were released today, showing a 6% decline, the lowest since July of 2021. This number was expected and didn’t affect the financial markets.

At 11am PT today, Gold is trading at $3,372 per ounce, unchanged from Friday.

SILVER

Silver sold off in early trading, reaching a low of $38.49 before finding buyers in London. Silver did briefly rally back above the key $39 per ounce level in London to $39.03 before the end of trading. As silver trading rounded into the U.S., it's been trading in the $38.70 to $38.90 level.

At 11am PT today, Silver is down $0.26 per ounce, at $38.75 on average volume.