The safe haven appeal of precious metal gold and silver weakened yesterday as
Europe eased inflation fears in the U.S. Both precious metal gold and silver
prices trailed back in the environment. The European Central Bank took action
during the last session to buy up bonds in an effort to reduce rising yields on
the 10-year Italian bonds. This action had the desired result for the short term
and yields fell off of highs last session. Contract gold and silver closed out
the last session red as investors felt some reassurance. Gold contract for
December delivery dropped lower by 1.79 percent, or negative 32, to close at
1759.60 per troy ounce. Silver contract for December delivery finished the
session red by .74 percent, or negative .26, to close out at 34.11 per troy
ounce. It was another negative close for contract gold and silver contracts.
After last session close but prior to todays session open, spot gold and spot
silver price trend-lines continued to move in negative territory. Spot gold
price per gram was lower by 1.29 at 56.56 and spot silver price per ounce was
lower by 1.29 at 33.86. Camillo Zucari
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