Precious Metals Recap – 7/5/2017Posted 07/05/2017 3:37PM CT |
August Gold closed up 6.5 at 1225.7. This was 9.2 up from the low and 2.7 off the high.
September Silver finished down 0.00042 at 0.1605, 0.0014 off the high and 0.002 up from the low.
The precious metals had a subdued reaction to the flare-up of risk concerns following the North Korean missile test as gold was only able to grind out a modest gain for Wednesday’s trading session. While the Dollar found mild support this morning, it was still able to reach a new 1-week high which ended up weighing on many commodities. While gold was able to bounce off a new 3 1/2 low into positive territory, silver remained squarely on the defensive as it reached its lowest price level since late December. Both PGM metals were under pressure as platinum outperformed palladium due in part to spread unwinding.