Gold, Silver and Metals: Prices and Commentary – Aug 24

Good Morning,

Precious metals built on Friday’s gains during the overnight hours, but their advances were uneven as well as uncertain as the hour of NY’s opening approached. The US dollar was poised to reach a five-week low against the yen, while trading just above the 78.05 mark on the trade-weighted index. Crude oil continued a few notches above the $74-per-barrel marker, while the euro appeared comfortably resting near $1.43 on the price tickers this morning.

Against this background, the spot metals markets in New York started off in mixed fashion, as well. Gold opened with a $1.90 gain, quoted at $955.60 per ounce. Silver continued to outperform, advancing 28-cents to start at $14.43 an ounce. Platinum fell $8 despite the indefinite postponement of the threatened labor action against Impala. Improved wage offers were cited for the striking of the strike.

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