Calm markets mean lower global gold prices

Calm markets mean lower global gold prices
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Published August 9th, 2012 - 08:29 GMT via

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Global gold prices ended the United States day session slightly lower on Tuesday. The overall market place was quiet amid a lack of market moving fundamental news.

The markets are also calmer as the dog days of summer are upon the Americans and much of Europe is on vacation. December gold futures on the Comex division of the New York Mercantile Exchange last traded down $2.70 at $1 613.50 an ounce on Tuesday.

Spot gold was last quoted down $0.70 an ounce at $1 611.50. The U.S. dollar index was weaker in Tuesday as the greenback bulls are fading a bit. Meantime crude oil prices were firmer on Tuesday as the oil bulls have gained some fresh upside near term technical momentum. These two key outside markets were in a bullish posture for the precious metals today and did limit selling pressure in gold and silver.

The precious metals markets will continue to look closely at how crude oil and the dollar index trade on a daily basis. In overnight news Asian stocks were firmer as traders and investors in that region look forward to fresh economic data from China due out later this week. The Australian central bank left its interest rates unchanged which is what the market place was expecting.


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