Comex gold is softer on a day on when there appears to be some flight to quality in the U.S. dollar, says Daniel Pavilonis, senior commodities broker with RJO Futures. As of 11:01 a.m. EDT, June gold was down by 8.60, or 0.5%, to $1,672 an ounce. The euro was down to $1.3087 from $1.3186 late Thursday. Equities were also lower, as were base metals and crude oil. “It seems like it (gold) is following a risk-off trade where there is some strength in the dollar,” Pavilonis says. “China’s GDP (first-quarter growth of 8.1%) was worse than expected.” Also, he adds, with some uncertainty in the market about future price direction, some longs may be opting to exit positions ahead of the weekend. May silver was down 44.5 cents, or 1.4%, to $32.08.
To read the full article with Dan's comments, please go to Kitco.com
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Daniel Pavilonis
Senior Commodities Broker
Daniel started his career as a broker with Lind-Waldock in 2007. He is well diversified in the markets with the indexes and currencies amongst his favorites. Daniel can often be found quoted in industry sources, such as Bloomberg, Dow Jones Newswires, WSJ and Futures magazine..... Read More
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