Gold and Silver Finish Lower for the Third Day in a Row

5:44 AM


August 23, 2016 -- Gold and silver finished lower for the third day in a row yesterday. Silver has been particularly hard-hit as prices fell below $19 per ounce for the first time since June 30th. Crude oil prices also fell sharply, the dollar lost a bit of ground, 10-year Treasury bonds rose, and U.S. stocks ended marginally lower.

Investors will get a look at new home sales today, with reports on durable goods and GDP later in the week. But all of that data could matter less to markets than a speech from Fed Chair Janet Yellen scheduled for Friday. Yellen will speak following the conclusion of the Federal Reserve's annual meeting in Jackson Hole, Wyoming.

Should Yellen signal that economic growth remains below expectations, the U.S. dollar is likely to suffer -- and this mini-correction in precious metals may reach its end. Particularly if her remarks are corroborated by a disappointing report on GDP Friday morning. Alternatively, a more upbeat assessment of growth and talk of withdrawing stimulus will likely to boost the dollar and weigh on gold and silver prices.

Live prices at MoneyMetals.com show gold currently trading at $1,343.55 per ounce on the global market, and silver is coming in at $19.10.

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