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Gold & Silver Lose Momentum, Reversal In Outside Markets

Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold and silver prices have backed well off their daily highs and fallen below unchanged levels in mid-morning trading Thursday. Profit taking pressure from recent gains is featured, as gold hit a five-week high earlier Thursday, while silver futures notched an 11-month high. The key "outside markets" have also turned more negative for the precious metals markets, as the U.S. dollar index has rebounded well up from its daily low and Nymex crude oil futures prices are now trading lower. An upbeat U.S. jobless claims report that showed the lowest claims number since 1973 also helped to pressure the precious metals. However, other U.S. economic data released Thursday--the Chicago Fed national activity index and the Philadelphia Fed business survey--were more downbeat. Gold and silver bulls still possess the firm overall near-term technical advantage. June gold was last down $1.70 an ounce at $1,252.60. May silver was last down $0.25 at $16.90.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

 

 

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