Precious Metals Recap – 7/11/2017Posted 07/11/2017 3:50PM CT |
August Gold closed up 2.3 at 1215.5. This was 8.1 up from the low and 1.4 off the high.
September Silver finished up 0.00176 at 0.15805, 0.00015 off the high and 0.0038 up from the low.
If the gold market today was supported as a result of the Gold Fields Mineral Services report of a very sharp rise in Indian June gold imports, there was a delayed reaction in prices as gold in the early US trade was weak even though the market was already aware of the GFMS Indian import news. Apparently Indian June gold imports rose sharply to 75 tons with the first half of 2017 jumping by hundred 61% versus year ago levels for a total six month import tally of 514 tons. Unfortunately for the bull camp, the GFMS predicted July gold imports for India would be less than 35 tonnes and that tempers the bullish Indian gold demand theme. It does appear as if the near term action in gold and silver prices is highly dependent on the ebb and flow of the US dollar. The recovery in gold prices (that eventually posted a low to high recovery of $9.00) was in fact tied to the reversal in the dollar from its initial highs.