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Gold $2,004.84 $1.87 0.09% Silver $23.03 $0.01 0.04% Platinum $924.26 $4.93 0.54% Palladium $966.41 $21.38 2.26%

Zaner Daily Precious Metals Commentary

Zaner Daily Precious Metals Commentary

In our opinion, the gold market has probably forged an intermediate top with a major blowoff range-up reversal overnight. In other words, optimism about the potential for an end to the US rate hike cycle has been embraced and perhaps overdone.

From a fundamental perspective, Indian gold prices posted a record high overnight and in the past Indians have been very price conscious which in turn could result in a near-term demand void.

However, the gold market should be supported by another inflow to gold ETF holdings of 24,688 ounces yesterday as that narrows the year-to-date decline in holdings to only 0.2%...[MORE]

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