Day: December 29, 2018

Hong Kong protests offer gold some support

Precious metals prices continued lower early on Monday in Europe but at a slower pace than in recent weeks, with pro-Democracy protests in Hong Kong providing a boost to safe-haven buying. Violent clashes between protestors and the police were reported in Hong Kong over the weekend and this morning, with tear gas and water cannons being used to disperse huge crowds blocking access to the financial district. Having traded as low as $1,215.30 at one point this morning, spot gold managed to make back some of the losses and was last a modest 60 cents above Friday’s closing level at $1,219.40/1,220.20 per ounce. The pattern was repeated in silver, which dipped as low as $17.47 before recovering to $17.54/17.59 per ounce, down eight cents. “The precious metals remain vulnerable but gold prices are moving sideways in choppy trading, which suggests both underlying buying and overhead selling,” FastMarkets analyst William Adams said. “The same is true for silver, while the PGMs are still looking for support, which we feel will be found soon given the fundamentals. …