Precious Metals Recap – 10/26/2017Posted 10/26/2017 3:33PM CT |
December Gold closed down 10.7 at 1268.3. This was 1.9 up from the low and 15.5 off the high.
December Silver finished down 0.00135 at 0.1679, 0.00255 off the high and 0.00035 up from the low.
The precious metals found significant pressure during Thursday’s trading session after an event-filled morning. The ECB meeting results became a notable source of pressure on gold as a surprising dovish QE taper boosted risk appetites and also fueled a upside breakout move in the Dollar. While there were mixed results from US data, initial jobless claims are holding close to a multi-decade low that provided another boost to risk sentiment which weighed on precious metals. Palladium continues to outperform platinum this week as it continues to find support from improving auto catalyst demand prospects.