Gold Prices Lose Some Altitude But Bulls Still Strong

New York (June 5) Gold prices are still holding gains in late-morning action Wednesday. However, prices have backed off the earlier highs that notched 3.5-month highs. Some normal profit taking from the shorter-term futures traders is featured today, but the bulls remain strong and poised for more upside in the near term. If the U.S. stock market sells off today, and index prices at present are losing altitude and at session lows, then look for a solid bid to again push prices back toward their daily highs.

By 11:10am EST spot gold was up only $4 at $1330, while spot silver was up a mere 5 cents to $14.85. Meanwhile, both spot platinum and palladium were down substantially on the day.

KitcoNews.