Gold, Silver Prices Pounded By Strong Dollar, China Worries
Mining News Pro - Gold and silver prices are solidly lower in early-afternoon U.S. trading Monday, and close to their daily lows.
  Zoom:

According to Mining News Pro -Gold and silver prices are solidly lower in early-afternoon U.S. trading Monday, and close to their daily lows. The safe-haven metals did not get any benefit from an uptick in risk aversion to start the trading week today. Instead, both are being pressured by a strong U.S. dollar on the foreign exchange market, and worries about precious metals demand coming out of China. December gold futures were last down $16.80 an ounce at $1,188.80. December Comex silver was last down $0.324 at $14.325 an ounce.

World stock markets were mostly lower today, with steep losses seen in the Chinese stock market after it was closed last week for a public holiday. Chinese monetary officials during the weekend loosened monetary policy a bit more but that did not stop their stock market sell off. The U.S.-China trade war is apparently starting to significantly impact the Chinese economy, prompting ideas the country will curb its raw commodity imports.

The U.S. government, including the Treasury bond cash market, is closed for the Columbus Day holiday today. Canadian markets are shut for the Thanksgiving holiday.

World equities are also still pressured by rising government bond yields that are pulling investor interest away from stocks. U.S. stock indexes are in very mature bull market runs that have many wondering if the end is near.

Risk-off attitudes to start the trading week are also being perpetuated by the new Italian anti-establishment government not falling into line with European Union rules on a budget.


Share the news

In Picture