Monday, 14 December 2015

Commodity Market Updates on Gold and Silver

Gold prices bounced on Friday, erasing earlier losses as the dollar and U.S. Treasury yields fell, but was still on track for a seventh weekly drop in eight as investors positioned themselves for a likely U.S. rate rise next week.

Options data shows that investors have boosted bets that the gold price will soon drop to $1,000 an ounce while assets in SPDR Gold Trust, the top bullion exchange traded fund, are at their lowest since September 2008.

Silver fallen to the lowest since August 2009 at $13.76 per ounce, was headed for a seventh weekly loss in eight weeks. U.S. consumers showed some muscle in November at the start of the holiday shopping season, suggesting enough momentum in the economy for the Federal Reserve to raise interest rates next week for the first time in nearly a decade.

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