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Gold $4,040.63 $(23.24) -0.57% Silver $47.61 $(0.95) -1.96% Platinum $1,596.56 $(2.56) -0.16% Palladium $1,420.36 $2.62 0.18%

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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