August Gold closed down 6.7 at 1261.9. This was 2.9 up from the low and 22.3 off the high.
July Silver finished up 0.00108 at 0.16875, 0.0049 off the high and 0.00085 up from the low.
The precious metals saw several abrupt changes in fortune as both gold and silver posting early sizable gains with a sharp selloff in the Dollar after weak CPI and retail sales readings providing a clear boost. In addition, there was a moderate “risk on” mood developing in global markets in front of the FOMC meeting results that has led to safe-haven inflows into gold and silver. Once the Fed has their say, however, gold prices fell all the way back into negative territory while silver pulled back from its early highs. The PGM sector continued its wildly divergent price action as a flare-up of labor tension in South Africa gave platinum the upper hand on palladium.