Gold Bounces After Touching 2.5 Year Low

Gold prices are moderately higher in early U.S. trading Friday, on a corrective technical bounce after August Comex futures fell to a 2.5-year low of $1,268.70 in overnight trading. The gold and silver market bears remain in strong technical control of their markets. Comex August gold last traded up $9.20 at $1,295.30 an ounce. Spot gold was last quoted up $18.60 at $1,297.00. July Comex silver last traded up $0.027 at $19.85 an ounce. July silver hit a 2.5-year low of $19.31 in overnight trading.

The market place is a bit calmer as trader attention moves to the U.S. stock market opening Friday morning. Asian stocks followed Wall Street’s lower price action Thursday. Asian stocks were also pressured by worries about a financial liquidity problem occurring in China as interest rates there have surged recently. Some weaker economic data out of China Thursday also spooked the Asian markets. Japan’s Nikkei did manage to post gains Friday.

via Kitco News

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