Gold Rises From Holiday Lows - Gainesville Coins News
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Gold Rises From Holiday Lows

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Gold Rises From Holiday Lows
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Precious metals are seeing bids this morning after languishing near 10-month lows over the Christmas holidays. Gold is up more than 1% from Monday's close as markets open in the US. Silver and palladium are following gold upward, while platinum is slightly lower. The dollar is having next to no effect on commodities this morning, signaling that this morning's movements are purely market-driven. European demand is muted today, as London bullion markets remain closed for Christmas.

Gold experienced a small spike overnight that touched the $1,150 mark, then settled slightly. Spot gold opened $12 an ounce higher at the US open, while silver has eased slightly after spiking above $16 overnight.

The DXY dollar index regained the 103 mark overnight, after easing slightly in yesterday's trading. The euro and pound are trading in a tight range against the dollar today, showing some marginal softness.

Stocks opened higher this morning after the three-day holiday, as traders make their last moves of the year. The Dow jumped 40 points shortly after the open, setting up yet another run at the symbolic 20,000 mark.

Oil prices were also lifted on the US open this morning, as West Texas Intermediate gained over 1% to hit the $53.50 a barrel level. Brent futures rose almost as much, adding to gains over the $55.50 mark.

Treasuries are lower this morning, with yields climbing slightly. Traders are watching today's auction of $26 billion of two-year Treasury notes to gauge demand in the last few days of 2016.

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Following up on yesterday's story about the failure and nationalization of Italy's Monte dei Paschi di Siena bank, the European Central Bank announced today that the bank's liquidity crisis meant that €8.8 billion was needed as an emergency recapitalization, instead of the previous estimate of €5 billion. In response, the Italian government announced that it was raising the amount of rescue funds to be provided to the bank to €6.5 billion. The rest of the money will come from the partial bail-in that was announced last week.

 

 

 

The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product

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