Precious Metals complex ended mostly lower except gold on Thursday in quiet market conditions. Gold started the day at $311.50 bid and was mostly quiet until the New York session began.
Once New York came in, gold was brought to near day’s low and it started to look like it was going lower. However, the market held off the lows and the funds turned around. Bidding started to come back into the market and gold slowly traded higher to test 315.80 bid in modest volumes. The nervousness in the market can be attributed to the easing dollar and most market participants played along with that inclination.
There is some sentiment that the market is trying to consolidate above the 310’s for the moment and probably, the next move is to see the gold in the higher 320’s. The Philadelphia Gold and Silver Index jumped 2.9% higher which may cause some positive reactions to the gold price. With US dollars trading nearer the lower end of recent ranges, gold may have new reasons to see higher if further easing occurs in the US dollars.
Silver traded quietly during the entire day. There were attempts to try to push silver prices higher in Asian time but rumours of large selling orders just immediately looming above the 4.50’s capped further attempts. Silver saw a high of 4.50 bid and 4.4750 offer and ended the day at 4.49 bid. The only withholding factor for shortselling silver here is that the consideration that the market is in oversold territory and corrections are imminent.