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Thursday, November 13, 2014

Dull day for precious metals

U.S. dollar index moved higher, increasing the pressure on gold 


Bullion prices closed lower on Wednesday, 12 November 2014 at Comex giving up gains from the previous session, as the precious metals are expected to face more selling pressure in the coming days. The U.S. dollar index moved higher, increasing the pressure on gold. 

Gold prices slid $3.90 to settle at $1,159.10 an ounce. 

December silver eased 6 cents at $15.62 an ounce. 

The recently red-hot U.S. dollar index had cooled off a bit this week on some profit taking. But the greenback rallied as the day progressed on Wednesday. Last week the dollar index hit a four-year high. 

The gold market may have gotten a slight boost in late-morning trading on news reports that a big Russian military convoy was headed for the Russia-Ukraine border. If that was the case the safe-haven demand did not last long. 

In overnight news, the German government auctioned a two-year note (the Schatz) for a negative yield Wednesday, which fetched -0.05%. Investors are paying the German government to hold their cash. This is yet another sign of the very low confidence in the European economy's health and its financial system. 

Meantime, the Bank of England said Wednesday that an interest rate hike from the BOE will come later rather than sooner due to low inflation and lower U.K. economic growth expectations. Still, the BOE expects to make a rate hike in late 2015. 
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