TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver prices were modestly lower on Monday with Gold easing $3.65 or 0.28 percent to trade at $1,277.70 an ounce, as the yellow metal hovered near two month lows but remained above chart support around $1,270, while London markets were closed for a public holiday. Silver dipped 0.05 or 0.26 percent to $19.40 an ounce.
"Gold is holding well above support at $1,271 considering the perfect storm of negative Gold news last week when we had rising stocks, rising bond yields, strong economic data from the U.S. and a firmer dollar," said Saxo Bank's Ole Hansen.
“Although demand from India has been lax when compared to the previous year, there are signs that demand is slowly creeping higher. Further, with Diwali just around the corner lower prices should encourage higher physical sales and could act to counter balance some of the weakness. It remains to be seen to what extent this will occur however,” said MKS.
Meanwhile, nearly all Globex electronic trading was halted by the CME Group due to technical issues for four hours on Sunday evening. “CME Globex markets will pre-open at 20:30 Central Time and open at 21:00 Central Time. All day and session orders, including GTD (Good Till Date) with today’s trade date will be cancelled. All GTC (Good till Cancel) orders that have been acknowledged will remain working,” said CME in a notice.
Just one more glitch to strike the world's largest futures market operator, CME Group, after the start of trade was delayed on its electronic platform due to technical problems. All Comex metals, including Gold, Silver and Copper trade on the platform, Nymex Platinum and Palladium trade on the platform as well. The benchmarks for U.S. crude, wheat, corn and soybeans are some other contracts traded on CME.
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