Daily Market Report 7/19/12

GOLD

Gold has traded higher in a narrow $15 per ounce price range today. The US dollar dropped to a two-week low against a basket of currencies and equities rose, reflecting a modest pick-up in appetite for risky assets. Higher oil prices based on increasing hostiles in Syria and Iran should add additional support for precious metals. At 11am PDT, Gold is up $8.20 per ounce, trading at $1,581.70 per ounce on higher than average volume.

SILVER

Silver has managed to stay above the $27 price level all day, reaching a high of $27.73 at one point. At 11am PDT Silver is up $0.12, at $27.27 per ounce on average trading volume.