- Gold price - $1,396.40
- Silver price - $30.27
- Platinum price - $1,755.30
- Palladium price -$785.00
COMMENTARY: Although not supported by any significant news (Lindsey Lohan was released from jail?), the stock market exuberantly celebrated the first day of trading in the New Year. It is set for a fast start today as well.
Precious metals prices are down this morning. With stocks futures pointing high, many investors are likely profit-taking on gold to move a portion of their money to stocks thanks to a higher risk appetite. Also, the dollar is holding to gains versus the yen. However, Reuters warns that the euro zone debt crisis, inflation in developing economies, and the increased focus on the U.S. deficit suggest that investment demand for gold will still remain high.
Gold spot price is currently down $27.50 – Silver price is down 88 cents – Platinum price is down $26.80 – Palladium spot price is down $16.40