Gold Prices May Be Reaching a Bottom
Gold for August delivery at the COMEX division of the CME were increasing $5.10 to $1,282.70 an ounce. The gold price traded as high as $1,293.60 and as low as $1,272.50 an ounce, while the spot price was slipping 82 cents.
Multiple research notes out Monday morning suggested that more analysts believe price support for gold may be firming following the shift to a bear market in mid-April, when prices plummeted some 13% across two consecutive trading sessions .
"The strength in China and India gold premiums, the recent move higher in gold lease rates and central bank gold buying indicate physical demand for gold may provide some support in the near term," Deutsche Bank wrote in a note on Monday.Silver prices for July delivery were up 3 cents to $19.83 an ounce, while the U.S. dollar index was adding 0.28% to $83.16. Also lending support to prices was a mixed bag of economic data from China overnight. Second-quarter gross domestic product there slowed to 7.5% year over year from 7.7% the previous quarter, which bolstered a trend of declining GDP numbers in the country. China also reported that industrial production dipped, but retail sales increased. "We saw a lot of weakness out of China and that weakness is thought that China is going to still be continuously ramping up their
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts