Mixed finish for precious metals

Gold prices ends at its highest level since Halloween

It was mixed finish for precious metals on Monday, 17 November 2014 at Comex. Gold gained on Monday, building on the prior trading session's big jump that pushed prices to their highest level since Halloween. But silver prices dropped. Gold prices ended the U.S. day session steady to slightly lower Monday, on a corrective pullback from good gains posted last Friday. A stronger U.S. dollar index on Monday also squelched the gold and silver market bulls.

Gold for December delivery added $1.80, or 0.21%, to $1,187.40 an ounce.

December silver was down 4 cents to $16.27 an ounce.

In overnight news, Japan reported its gross domestic product declined by 1.6% in the third quarter, year-on-year, versus expectations of a 2.2% increase in growth. This somewhat surprising news sunk Japan's Nikkei stock index by 3% on Monday, which in turn put downside pressure on most other major world stock markets. Japan's downbeat GDP data is yet another indication that most of the major world economies are struggling and that tougher times may lie ahead.

The gold and silver markets paid little attention to reports European Central Bank chief Mario Draghi said the ECB purchasing government bonds cannot be ruled out. Draghi has stated in the past he will do whatever it takes to keep the EU economy afloat.

U.S. economic data due for released Monday included the Empire State manufacturing survey, and industrial production and capacity utilization. That data had little impact on the market place.

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