-- Posted Friday, 4 September 2009 | | Source: GoldSeek.com

December Gold closed down 1 at 996.7. This was 9.7 up from the low and 1.7 off the high.

December Silver finished down 0.005 at 16.285, 0.12 off the high and 0.435 up from the low.

After seeing some noted early morning weakness in the face of the US economic data flow, the gold market seemed to be lifted off session lows by strength in equity prices. It is also possible that a mid day slide in the US Dollar provided the gold bulls with an added bullish incentive. Some traders suggested that gold buyers were speculating on news of more US bank failures, while others suggested that gold might have been lifted by speculation of increased tensions between the US and Iran directly ahead. However, profit taking and position squaring ahead of the long holiday weekend kept gold trading below Thursday's close.

The December silver contract forged a pretty significant high to low trading range on Friday. The market was initially knocked down by the US payroll report, but then seemingly lifted by the combination of rising equities and a sinking US Dollar. Like the gold market, the silver trade seemed to be attempting to play up flight to quality issues. But given the US stock market's reaction to the US numbers, it is also possible that silver was at least partly lifted by hopes of economic growth ahead. Profit taking before the long holiday weekend was a limiting factor.

-- Posted Friday, 4 September 2009 | Digg This Article | Source: GoldSeek.com

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