Daily Gold Update

Source: Dana Samuelson, American Gold Exchange

Austin, TX— Gold, silver and platinum traded mostly sideways today in narrow ranges. Palladium, the strongest of the precious metals during the recent bout of price weakness, continued to track lower. The U.S. dollar, which has been very strong over the last six weeks against all major currencies, pressuring precious metals, was range bound, too.

Overnight gold traded in a rather narrow $15 high to low range, silver a 25 cent range, platinum a $15 range, while palladium traded in a $16 range. Gold and silver continue to hover above recent major support levels of $1240 for gold and $18.80 for silver. Platinum seems vulnerable to further price erosion after breaking recent support at $1,400, and palladium is now approaching short-term support at $840.

At the Comex close: December gold slipped $3.20 to $1,245.30; December silver gained 1 cent to $18.85; October platinum edged lower $4.80 to $1,381.00; December palladium fell $11.25 to $848.85 an ounce.