The Precious Metals Jump Higher, but Are Capped Once Again

July 11, 2023

by Ed Steer Silver Seek

The gold price crept quietly sideways in GLOBEX trading overseas on Friday — and that lasted until around 12:30 p.m. China Standard Time on their Friday afternoon. It began to crawl higher from there until the 8:20 a.m. COMEX open in New York, where it was tapped a bit lower until the 8:30 a.m. EDT jobs number came out. It then blew higher, but ran into a DXY ‘rally’ and ‘da boyz’ five minutes later. It was sold lower for the next thirty minutes, but then away it went to the upside until a couple of minutes after the 11 a.m. EDT London close. The commercial traders of whatever stripe in New York then had the market to themselves — and they proceeded to engineer its price quietly lower until shortly before trading ended at 5:00 p.m. EDT.

The low and high ticks in gold were reported as $1,915.40 and $1,941.10 in the August contract. The August/October price spread differential in gold at the close in New York yesterday was $9.70…October/December was $19.60 — and December/February was $19.90 an ounce.