Gold & Silver Hold Above Critical Support Levels

GOLD

Gold Prices were down modestly this morning as the metals market continues to feel pressure from record high stock indexes and a firmer U.S. dollar index. Despite the pressures Gold is facing, it continues to hold critical support comfortably above the $2,000 level. Chinese investors are buying gold at an increased rate as the country’s stock market and real-estate sector decline ahead of the Lunar New Year this weekend, adding to Gold’s global support.

At 11am PT today, Gold is trading at $2027 per ounce, down $8.

SILVER

Silver experienced some gains this morning before following Gold down modestly. The white metal has experienced some turbulence in early 2024, but analysts are optimistic that Silver will reach new highs this year as industrial demand for the metal continues to rise along with the push for renewable energy.

At 11am PT today, Silver is trading at $22.66 per ounce, down just $0.04.