Gold futures are definitely under pressure today, with the most active August 2023 contract down $8.70 or 0.44% and fixed at $1972.10. The root cause is dollar strength that overcame fractional buying and still was able to take gold prices moderately lower. While gold futures declined by 0.44% the dollar gained 0.56% with the differential indicating that market participants were lightly bidding the precious yellow metal higher.
This is quite different from silver pricing today which is also trading lower. Currently, the most active September 2023 futures contract is fixing silver prices at $24.95 down approximately $0.44. Spot silver is currently fixed at $24.72 after factoring in today's decline of $0.39. However, unlike gold prices silver traded lower from both dollar strength and market participants bidding silver lower. Dollar strength accounted for a decline of $0.
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