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Tuesday, November 11, 2014

Bullion prices ended the U.S. day session lower on Monday

Gold reverses earlier gains to drop 


Bullion prices ended the U.S. day session lower on Monday, 10 November 2014 at Comex giving back about half of Friday's decent gains. Gold reversed earlier gains to drop on Monday, as U.S. stocks traded higher and the greenback stabilized against rivals. 

Gold for December delivery slid $10, or 0.9%, to settle at $1,159.80 an ounce. 

December silver fell 4 cents to $15.67 an ounce. Some traders speculate that the precious yellow metal could fall below $1,000 an ounce. 

The U.S. Dollar Index which serves as a measure of the U.S. currency against a basket of six rivals, also climbed to 87.73. The two key “outside markets” started out the trading week early Monday with the U.S. dollar index lower and crude oil prices higher. However, by midday both of those markets had reversed their courses (dollar index higher and crude lower) to add to selling interest in the precious metals markets. The dollar index hit a four-year high last week, while crude oil prices hit a three-year low last week. 

In overnight news, China's consumer inflation rate held steady, at up 1.6% year-on-year, in October, it was reported on Monday. The figure was in line with expectations. 

U.S. economic data released Monday was light and included the employment trends index. The U.S. Veterans Day holiday on Tuesday may make for a quieter trading day.
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