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Gold $1,961.89 $(15.62) -0.79% Silver $23.76 $(0.11) -0.46% Platinum $1,012.08 $5.17 0.51% Palladium $1,421.06 $27.67 1.99%

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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