Today in Gold and Silver
New York ( Mar 28) With Friday being the last day for large traders to exit the April gold contract, it was not at all surprising that that price action was subdued. The low of the day came at the London afternoon gold "fix"---and gold was closed below the $1,200 spot mark.
The high and low ticks aren't worth the effort to look up.
Gold finished the Friday session in New York at $1,198.40 spot, down $5.70 from from Thursday's close. Gross volume was 329,000 contracts, but it netted out to only 15,000 contracts, which is typical for a day when the last of the large COMEX traders bail at month end, as virtually all of the volume was roll-overs into future months.
The silver price action yesterday had a little more shape to it, but as you can tell from the Kitco chart below, every rally attempt ran into a willing seller---and the silver price finished the day almost back at its Wednesday close---and below $17 spot once again.
The low and high ticks were reported by the CME Group as $16.855 and $17.195 in the May contract.
Gold finished the Friday session at $16.97 spot, down 13 cents from Thursday. Net volume was pretty decent at 33,500 contracts.
After doing not much of anything through most of the Far East trading session, a willing seller appeared shortly after the Zurich open---and it was pretty much all down hill from there, as platinum closed at $1,136 spot, down 12 bucks from Thursday.
Palladium really got it in the neck with the selling beginning at the same time as the other three precious metals---and by the time the blood was washed from the floor, "da boyz" had that white metal closed down 32 dollars [-3.9%] on the day at $736 spot, with most of the damage coming after the COMEX open in New York.
The dollar index closed late on Thursday afternoon in New York at 97.42---and chopped sideways in a fairly tight range until it blasted higher around 3:20 p.m. Hong Kong time/7:20 a.m. in London. The 97.92 high tick came minutes before the open of the equity markets in London. Then it sold down to its 97.10 low at 1 p.m. EDT. From there the index rallied a bit into the close.