Gold and silver price per ounce rates suffered losses during the last trading
session. A significant sell-off transpired in the market place during the final
trading session of last week and as a result, both contract gold and contract
silver closed out below the break-even mark. The dollar gained strength last
week and ended the week higher overall by approximately 2.5 percent against a
handful of other foreign currencies. This action made it more difficult for gold
and silver buyers and thus pressured price trend-lines for the two precious
metals. Investors continue to feel market based uncertainty on a global scale
and this uncertainty is reflected in the negative stock index outcomes today.
Asian markets finished their session weaker today. Prior to opening bell this
morning in the U.S., spot gold price trends and spot silver price trends were
tracking on the positive side of break-even. European markets closed out weaker
as well. At the halfway point in the U.S. session, the primary index composites
were also moving on the negative side of break-even. The safe haven appeal of
gold and silver is attracting buyers today and the price per ounce rates are
climbing. At the mid-day mark, gold contract for December delivery was higher by
.36 percent at 1780 per troy ounce. Silver price per troy ounce was higher by
1.51 percent at 34.60 according to mid-day electronic pricing. Spot gold price
per gram was higher at this point at 57.24 and spot silver price per ounce was
moving positively as well at 34.57. Camillo Zucari
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