The short-term sentiment in gold changed this week, particularly as the market took out an important technical-chart level, but whether the metal extends its losses might depend on what Asian buyers do next week when they return from their Lunar New Year festival.
Prices were lower on the day and the week. Most-active April gold on the Comex division of the Nymex settled at $1,609.50, down 3.4% on the week. March silver settled at $29.869, down 5% on the week.
In the U.S., markets are closed Monday for the Presidents Day holiday. Trade resumes Tuesday.
In the U.S., markets are closed Monday for the Presidents Day holiday. Trade resumes Tuesday.
In the Kitco News Gold Survey, out of 33 participants, 25 responded this week. Of those 25 participants, nine see prices up, while 12 see prices down, and four see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
Market participants said attitudes in gold for now have changed, pointing to an increase in open interest in Comex futures market as prices fall. Open interest is a
