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Tuesday, December 24, 2013

Bullion prices remain under pressure

Gold prices finished below $1,200 an ounce 


Bullion prices remained under pressure Monday, 23 December 2013 at Comex. Gold prices finished below $1,200 an ounce. Gold prices finished the U.S. day session weaker as the approaching holidays have squelched participation in most markets. With the Christmas holiday on Wednesday look for thin volumes and lackluster trading conditions for most of this week and next week. 

Gold for February delivery declined $6.70, or 0.6%, to $1,197 an ounce. 

March silver lost 4 cents, or 0.2%, to close at $19.41 an ounce. 

In overnight trading the featured news was spiking short-term interest rates in China, mainly due to end-of-quarter and end-of-year pressures on banks to square up their books. The markets are so far mostly ignoring the matter. 

Today's economic data at Wall Street was limited to just two reports, neither of which saw a notable reaction in the market. Personal income increased 0.2% in November after declining 0.1% in October. The consensus expected personal income to increase 0.5%. Compensation levels were a little softer than the employment report implied, increasing 0.3% instead of 0.6%. That difference likely caused the weaker-than-expected income gain. Personal spending rose 0.5%, in-line with consensus expectations, after increasing an upwardly revised 0.4% (from 0.3%) in October. 

Separately, the December University of Michigan Consumer Sentiment Index remained at 82.5 in the final reading while the consensus expected the index to be revised up to 83.3.
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