Midday Market Update Aug 28: Gold, Silver Hit Fresh Highs - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

Midday Market Update Aug 28: Gold, Silver Hit Fresh Highs

blog | Published On by
Midday Market Update Aug 28: Gold, Silver Hit Fresh Highs

Gold hit a 3.5-month high of $1,434 overnight, while silver poked over the $25 mark to $25.12, before liquidations of fresh long positions had the metals return to yesterday's ranges. Silver's high was the first time the white metal has broken $25 since April 15.

Oil is up sharply, with Brent crude futures hitting a six-month high while WTI hit an over two-year high overnight. This action helped energy stocks lift Wall St into positive territory at the open, after the worst day since June. European stocks were lower, dropping 0.5% - the steepest drop in two months. Syria worries, and higher oil prices depressing airline stocks were the major factors.

In Asia, the Nikkei hit a two-month low, as safe haven action strengthened the yen and hurt exporters. The Hang Seng dropped 1.6% to a five-week low, while mainland Chinese stocks fell on a developing scandal in the nation's largest energy company led to the resignation of the CEO.

The dollar has reversed its decline as safe haven demand lifts the DXY and the Indian rupee and Turkish lira plunge to new lows. Some of the dollar strength is coming from U.S. pending home sales for July rising at a 6.7% annual rate, though this was a 1.3% drop from June. Some traders think this is putting the "taper card" back on the table at the FOMC September meeting. This view is also moderating the precious metals rally.

by David Peterson

This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.