Gold prices sharply down as US stock market posting solid gains
(Kitco News) - Gold prices are sharply lower and have hit daily lows and nearly two-week lows in late-morning trading Friday. Upbeat risk appetite in the marketplace, as evidenced by a strong rally in the U.S. stock market late this week, is pressuring the safe-haven gold and silver markets. There are growing notions the U.S. and China will reach some kind of a trade deal, possibly as soon as today, and that has equities bulls in a buying mood, to the detriment of the competing asset class of safe-haven metals. Gold and silver markets appear to be headed for technically bearish weekly low closes today, which would invite some more chart-based selling early next week. December gold was last down $20.00 at $1,480.00.