(Kitco News) - Gold and silver prices are modestly down in quieter midday U.S. trading Monday. December gold hit a five-month low today and silver a six-week low.
Gold and silver bulls remain very timid to start the trading week as the U.S. dollar index is higher, crude oil prices lower and as the near-term technical postures for both metals are bearish. December gold was last down $3.90 at $1,942.70 and September silver was down $0.073 at $22.675.
There was more dour economic news coming out of China. The Country Garden Holdings property firm is reportedly in financial trouble. The firm is the largest privately held property developer in China. The Chinese offshore yuan has weakened and is near its low for the year against the U.S. dollar, at 7.28. China’s stock market sold off Monday on the Country Garden news.
Metals market traders will be watching business/economic developments out of China extra closely in the coming weeks. The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are down and trading around $82.75 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 4.17%.Technically, December gold futures were down $4.50 at $1,942.40 in midday trading and near mid-range. Prices hit a five-month low today. Bears have the overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart.
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