Gold, Silver Prices Under Pressure Ahead of Jackson Hole Symposium

KITCO NEWS - Gold prices ended the U.S. day session weaker but up from the daily low that marked a two-week low Monday. 'Silver prices finished sharply lower and hit a seven-week low. The key "outside markets" were in a bearish daily posture for the precious metals to start the trading week, as the U.S. dollar index was slightly higher and crude oil prices were lower,' said Jim Wyckoff, senior technical analyst for Kitco Metals. December Comex gold settled lower at $1,343.40 an ounce. September Comex silver was also down $0.432 at $18.88 an ounce. The highlight of this week will be the Federal Reserve's annual symposium held in Jackson Hole, Wyoming, said Wyckoff. 'Fed Chair Janet Yellen speaks at the event on Friday. Recent comments from Federal Reserve officials have been mixed, but the majority of their recent rhetoric has leaned toward the hawkish side of U.S. monetary policy. There are now increasing ideas in the marketplace that the Fed will raise interest rates this year. Such has put some upside pressure on the U.S. dollar index just recently,' Wyckoff added. Markets could be quieter until after the U.S. Labor Day holiday in early September.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.