Mixed finish for precious metals

Gold turns pale but silver shines

It was mixed finish for bullions on Monday, 21 September 2015 at comex. Gold futures fell on Monday, giving back some of last week's sizable gains as prospects for a U.S. interest-rate hike later this year helped provide a lift to the U.S. dollar, dulling investment demand for the precious metal. Silver shone.

December gold lost $5, or 0.4%, to settle at $1,132.80 an ounce on Comex. Prices rose 1.9% on Friday to tally a weekly gain of about 3.1% last week after the Federal Reserve left interest rates unchanged at its latest meeting.

December silver meanwhile, edged up by 5.8 cents, or 0.4%, on Monday to $15.221 an ounce.

Gold prices ended the U.S. day session moderately lower on Monday, on a downside correction from last Friday's solid gains. A higher U.S. dollar index on this day was also a bearish weight on the precious metals markets. The key outside markets saw the U.S. dollar index solidly higher on Monday, on some safe-haven demand amid the weaker stock markets in Asia, and on some short covering following recent selling pressure. Nymex crude oil prices were also solidly higher as prices hover around $46.50 a barrel.

Asian stock markets were mostly lower overnight, on worries about global economic growth following last week's FOMC meeting in which U.S. Federal Reserve officials expressed concern about the general health of the other major economies of the world. China's Shanghai stock index did finish the day firmer on Monday, while Japan's markets were closed for a holiday.

European and U.S. stock markets were higher on Monday, which did pull some interest away from the safe-haven gold market.

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