Gold and silver prices started the week in a volatile frame of mind, and as the day started fund buying and short-covering pushed the complex higher, before sell-stops kicked in and prices corrected lower.
Silver last traded at $20.055/20.135 per ounce, having earlier touched two-year highs of $21.130 – still it was up on the previous close of $19.765. The opening of the Shanghai Gold Exchange (SGE) saw silver aggressively bid in strong volumes, whilch culminated in both SGE and SHFE silver hitting limit up, traders noted.
“With the Shanghai market at its limit there was a surge of COMEX and loco-London buying in the white metal, which saw it quickly trade to the day’s peak,” MKS Capital noted.
Gold was last at $1,346.45/1,346.65 per ounce, up $5.50 on the previous day’s close. But, the yellow metal failed to get back above the post Brexit high of $1,359.
Platinum at $1,050/1,060 was unchanged, while palladium at $604/609 was up $6.50.
The economic calendar is light with June Spanish unemployment falling 124,300. The EU Sentix investor confidence reading, the UK construction PMI,and EU PPI are to come. There is no US data as it is the July 4 Independence Day holiday.
(Editing by Martin Hayes)
The post Silver corrects lower after 2-yr peak, gold along for the ride appeared first on The Bullion Desk.
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Source: Bullion Desk News
