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Gold Ends Near Steady; Pares Early Losses on Big Rally in Crude Oil
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Sep 1,2015

By  Paul Ploumis 01 Sep 2015  Last updated at 02:35:14 GMT

Gold prices ended US day session mostly unchanged on Monday, erasing early losses.

(Kitco News) - Gold prices ended the U.S. day session right around the unchanged level on the day Monday. Modest early losses were erased when crude oil prices staged another big rally, to give beleaguered raw commodity sector bulls some hope that sector leader crude has put in a market bottom. December Comex gold was last down $0.50 at $1,133.50 an ounce. December Comex silver was last up $0.051 at $14.60 an ounce.

October Nymex crude oil traded above $48.00 a barrel Monday, and has tacked on more than $10.00 a barrel since last week’s six-year low of $37.75 a barrel. Crude oil prices are poised to close at a technically bullish monthly high close Monday, the last trading day of the month. October crude oil futures scored a bullish “key reversal” up on the weekly bar chart last week, which is another clue that a market bottom is in place. If crude oil prices have indeed bottomed out, it’s likely the same will or will soon occur in many other beaten-up raw commodity markets, including the precious metals. It appears all the bearish news about the crude oil market became factored into prices last week.

Meantime, the other key “outside market, the U.S. dollar index, was weaker Monday. The greenback bulls had a good week last week, moving prices well up from the August spike low.

China’s Shanghai stock index was down just short of 1% Monday. Reports said China’s central bank was not intervening to buy domestic shares today. The London Financial Times reported Monday that China will abandon its intervention in its stock market, as Chinese officials acknowledged the efforts were not working as planned. Thursday China celebrates 70 years since its victory over Japan in World War Two. There will be a big military parade on that day. Market watchers speculate China’s government does not want a slumping stock market to take the luster away from the big parade. 

There was no London P.M. gold fix today as the U.K. markets were closed for a holiday.

Courtesy: Kitco News

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