Last week. end of week trading revealed lower trending for the dollar.
Expectation is that gold value will bump higher as the dollars value drops
lower. End of session numbers on Friday did not reveal this inverse
relationship. Gold futures for February delivery fell $5.50 to finished the
session on Friday at $1,341 an ounce. Although gold values dropped lower,
analysis reveals demand for the precious metal should hold as demand remains
high throughout India and China. Spot gold trending as of last evening, January
23rd, revealed positive trending. Spot gold price per kilo was moving higher by
171.04 as it posted at 43462.02. Spot gold per gram was moving higher as well by
.17 at 43.46. Last session results on Friday revealed that Silver price per
ounce for March delivery was trading lower by .17%. Spot Silver last evening was
moving higher per ounce. Spot Silver per ounce was in the green by .45 at 27.91.
Spot Silver price per kilo was green by 14.50 at 897.33 per kilo. Contract gold
finished lower last week and analysts speculate that the stronger than expected
U.S. jobless data that posted last week supported the erosion of precious metal
safe haven appeal. The number of Americans filing for first time unemployment
insurance fell lower according to data posted last week to 404,000. This number
is positive in that it is 37,000 less than it was just one week prior to the
post and better than what many economists had been anticipating. Author: Camillo
Zucari
No comments:
Post a Comment