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Wednesday, May 06, 2015

Precious metals advance

Weaker U.S. dollar helped the metals move up


Bullion prices advanced on Tuesday, 05 May 2015 as a weaker U.S. dollar helped the metals build on its gain a day earlier. But gold prices failed to break back above $1,200. The U.S. dollar traded lower today, giving gold almost all of its upward movement. 

Gold for June delivery rose $6.40, or 0.5%, to settle at $1,193.20 an ounce after tapping an intraday high of $1,199.30. 

July silver also added 13.8 cents, or 0.8%, to $16.579 an ounce. 

Weakness in the dollar was one reason for gold's gain. The greenback fell in the wake of data showing the U.S. trade deficit soared 43% in March. 

The buck went down because there is (and was) mixed data coming out of the American economy. Some indicators are up while some are down. The combination is bewildering to FOREX traders who have to keep a constant eye on national and international developments that might affect a Fed decision to raise or not raise rates this year. 

Today's cocktail of mixed data was a better-than-expected report on the U.S. services sector for April which was quickly offset by a wider-than-predicted trade deficit. The dollar rallied early in the day on the service sector info, but tumbled after the trade deficit report was released.
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