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Gold and silver price per ounce values moved ahead on Tuesday but fell off a bit through Wednesday’s trading. The Market took a hit on Tuesday as the three major indicators fell off. The clashing of forces between North and South Korea grouped with the increasing worries regarding the European debt crisis and the Federal Reserves report that economic recovery in America would be a slow and extended process all tied together to cause negative trending on this day for index values. As a result on Tuesday, Gold and Silver responded with an increase in price per ounce trading as investors moved towards the perceived safe haven assets. Wednesday presented a sharp turnaround in the trends of the U.S. market session indicators. The economic outlook suddenly took on a brighter feel and Wall Street was giving thanks for the positive reporting at a perfect time of year. Specifically, the government reported that first-time claims for unemployment benefits fell 34,000 to 407,000 last week. This number was surprisingly positive as analysts had expected the first-time claims report to post at approximately 435,000. Increased hiring in the retail sector during the holiday shopping period, which normally lasts about six weeks, will help keep first-time unemployment application numbers lower. Also, an additional post relayed that American's income rose more than expected as the increase for last month came in at .5%. The dollar rose against the euro and the Japanese yen and was flat versus the British pound. This data added to the fall off that precious metal values saw yesterday. As of the end of the U.S. trading session, December contract gold price per ounce had fallen off .33% and positioned at $1,373.00. Silver for December delivery price per ounce fell off .16% and settled at $25.53. Author: Camillo Zucari
Current Gold, Silver Price Per Ounce; December Delivery Contracts; Notes November 25th, 2010
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