Gold Prices Softer But Uptrend Still In Place Above $1,200
Kitco News - Feb 15, 2016
Gold prices are starting the week under modest pressure as U.S. markets are closed for the Presidents Day long weekend.
After seeing its best week since 2011, gold hit a low of $1,202.7, Monday, in a light trading activity. In electronic trading, April Comex gold futures last traded at $1,203.20 an ounce, down $36.20 on the day.
Silver prices have been even harder hit, falling to a session low of $15.230 an ounce Monday. March Comex silver futures last traded at $15.270 an ounce, down 52 cents on the day.
The selling pressure Monday, is a continuation of the activity seen overnight during the Asian trading session as Chinese markets opened after being closed all week for Lunar New Year Celebrations.
Analysts weren’t surprised with the selling pressure during the Asian trading session. Sam Laughlin, precious metals trader at MKS Precious Metals, noted that when Chinese markets closed last week, prices were $60 lower.
