Gold Tests Support At $2,500 Oz And Holds

GOLD

Spot Gold reached a high of $2,529.60 per ounce yesterday in late trading. Gold was on the defense this morning as the U.S. Dollar Index rallied. Gold briefly broke below the key $2,500 per ounce support level, reaching a low of $2,492 before rallying back.

Gold should regain support from the central bank’s expectations to begin interest rate cuts next month amid positive inflation data and signs that the labor market is weakening.

At 11am PT Today, Gold is trading at $2,505 per ounce, down $14 on light trading.

SILVER

Silver reached a high of $30.17 on Gold’s rally yesterday. Silver saw some heavy selling in London, briefly driving the value down to $29 per ounce.

At 11am PT today, Silver is down $0.78 per ounce, trading at $29.22 on average volume.