Market Wrap: Gold & Silver Retreat; Brent & WTI Diverge; NatGas Spikes To 5-Month High Above $3.90
Meanwhile, the Census Bureau said that as expected, durable goods orders in the U.S. fell by 2 percent in October after having risen 4.1 percent in September. Excluding transportation, orders fell by 0.1 percent, below the 0.5 percent increase that was expected.
Taking a look at currency markets, the U.S. Dollar Index was last trading up by 0.16 percent to 80.74. In bond markets, the U.S. 10-year yield rose by 3 basis points to 2.74 percent. Gold and silver sunk, unable to maintain an earlier rally. The yellow metal was last trading down by $5.02, or 0.4 percent, to $1,237.77, while the gray metal lost $0.20, or 1.01 percent, to $19.66.
Platinum shed $22.15, or 1.61 percent, to $1,352.95 and palladium edged down by $0.75, or 0.1 percent, to $716.50.
"Negative sentiment and weak physical demand trends indicate further weakness in gold prices may continue in the months ahead," said Robert Haworth, senior investment strategist at the Private Client Reserve at U.S. Bank Wealth Management.