By Paul Ploumis 23 Jul 2015 Last updated at 05:41:17 GMT
(Kitco News) - Gold prices ended the U.S. day session lower Wednesday, as the sellers are very confident due to the serious chart damage inflicted just recently, and by the lack of bullish fundamental news to support the safe-haven metal. Prices are nearing Monday’s five-year low of $1,080.00 in August gold futures, which if breached would set off heavy sell stop orders to drive prices even lower. August Comex gold was last down $11.40 at $1,092.00 an ounce. September Comex silver was last down $0.05 at $14.735 an ounce.
The two key “outside markets” on Wednesday were also bearish for the precious metals. The U.S. dollar index was firmer. The USDX hit a three-month high on Monday. Worries about rising U.S. interest rates have supported the greenback recently, following generally hawkish remarks from Federal Reserve officials the past few weeks. Meantime, Nymex crude oil futures prices were lower and hit a four-month low below $50.00 a barrel. A feature in the market place this week has been a further deterioration in many raw commodity market prices, led by gold.
Reports are saying retail demand for gold jewelry in China and India—the two largest gold importers in the world—has jumped significantly this week as gold prices have dropped to a five-year low.
The London P.M. gold fix is $1,088.60 versus the previous A.M. fix of $1,096.80.
Courtesy: Kitco News