(Kitco News) – Gold and silver prices are solidly lower in midday U.S. trading Monday, but up from their session lows on some bargain hunting and safe-haven demand. Gold hit a two-week low overnight and silver a three-month low.
Some recent downbeat U.S. economic data has prompted worries about a U.S. and/or global recession and has the world marketplace on a knife’s edge. December gold was last down $21.60 at $2,448.30. September silver was down $0.972 at $27.42.
A meltdown in global stock markets has the general marketplace spooked to start the trading week. Unwinding of Japanese yen carry trades (see my special report on Kitco today) has put much of the marketplace in liquidation mode, including the metals. This is a metals-bearish element at present and is mostly superseding safe-haven demand for gold and silver.
For the rest of this article: news/article/2024-08-05/gold-silver-down-recession-fears-well-daily-lows
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