More profit-taking pressure in gold amid downside correction

NEW YORK (September 18) Gold and silver prices are lower, with gold sharply down, in midday U.S. trading Thursday.  More profit taking from the shorter-term futures traders is featured today, post-FOMC and after gold hit a record high and silver a 14-year high Tuesday. Both markets were due for downside price corrections after recent good gains. The corrective pullbacks may continue for a bit. December gold was last down $45.10 at $3,672.30. December silver prices were down $0.187 at $41.965.

The marketplace today is digesting the Federal Reserve’s FOMC cutting its fed funds trading range by a quarter-point, to 4.00 to 4.25%, Wednesday afternoon. The move was widely expected.

The key outside markets today see the U.S. dollar index solidly up, while crude oil prices are weaker and trading around $63.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.114%.

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