U.S. Dollar Rally & Crude Oil Price Drop Leads Gold Lower

GOLD

Gold broke down below the key $1,950 level in early Asian trading, reaching a low of $1,925 per ounce before seeing bargain buying. A rally in the U.S. Dollar Index (reaching 99.37) and a drop in crude oil prices helped lead Gold prices lower. At 11am PT today, Gold is trading at $1,937 per ounce, down $20 on excellent volume.

SILVER

Silver briefly broke below the key $25 per ounce level, reaching $24.83 before quickly rallying back. A $7 drop in the price of crude oil is considered to be anti-inflationary and the Silver market is reacting to the decline in Gold and crude oil. At 11am PT today, Silver is down $0.39 per ounce, trading at $25.11 on normal volume.