Prior to open session trading this morning, spot gold prices were trending in a
negative direction. Spot gold per gram and spot gold per kilo were both trending
in the red. This was the first negative trending observed for the precious metal
in days. A less stable stock market, fueled last week by the looming threat of a
government shutdown, helped to keep the safe haven appeal of gold high. The
government shutdown has been temporarily averted and stocks got off to a more
optimistic start this day. The more optimistic view of the approaching primary
earning season helped to push stock futures green this morning and as of the mid
day mark, the Dow Jones Industrials were posting positive by over .30 percent.
The dollar was on the rise versus the euro and gold futures were dropping. Gold
for June contract delivery was lower by .35 percent at 1469 at this point. By
end of day close, the major market indicators finished mixed with the Dow Jones
just over breakeven for the day. The Nasdaq and the S&P 500 both finished red.
The precious metal tracking board was covered in mostly red today as gold and
silver prices fell lower. June Gold finished the session lower by .41 percent at
1468.10 an ounce. Silver for May delivery ended just green by .01 percent at
40.61 a troy ounce. May copper finished red by .92 percent at 4.46 per pound.
Author: Camilo Zucari
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