Gold Tests Key Support Level & Rallies Back On Demand

GOLD

In late trading yesterday, Gold reached a low of $2,295 per ounce, before bouncing back today in early European trading. This was the fifth attempt to break the important $2,300 support level since Gold hits its all-time high of $2,451 on May 20th 2024.

This morning, the third and final reading of the Q1 GDP showed that the economy grew 1.4% in the first three months of the new year, per the Bureau of Economic Analysis. This is an improvement from the second estimate of 1.3%. This was in line with expectations and didn’t affect the Gold market. However, strong demand for physical Gold was the stimulus for the market today.
At 11am PT today, Gold is trading at $2,324, up $22 on excellent volume.

SILVER

With the strong Gold market, Silver has traded above and below the $29 per ounce level for most of today’s trading. Premiums on many of the popular Silver investment coins continues to decline, giving them outstanding value.
At 11am PT today, Silver is up $0.04 per ounce, at $28.94 on average volume.