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Gold And Silver Prices Move In Opposite Directions To Start Week

Gold prices started the day off on a downturn while silver’s value rose slightly to begin the trading session on Tuesday morning. The long Memorial Day weekend caused U.S. prices to adjust to the world’s markets, most of which were open for business on Monday.

Early afternoon trading saw gold catch up to silver in terms of percentage of value gained, however. By 2pm EST gold was up $2.80 to $1385 while silver was up $0.22 to $22.42 per ounce on the COMEX division of the New York Mercantile Exchange (NYMEX).

The temporary movement in reverse directions of gold and silver was attributed by gold and silver market analysts to three main factors. The strength of the dollar caused gold to decrease more than it hurt silver. Additionally, the latest consumer confidence report caused institutional investors to liquidate gold ETF holdings while retaining silver funds. Lastly, the U.S. Commerce Department’s recent announcement that producer prices were more positive in April than previously expected caused silver, often sought for its industrial use, to rise while gold failed to be affected by that news.

Investors who are interested in receiving gold and silver market price updates, news, opinions, commentary and special offers from around the industry three times per week are encouraged to subscribe to our RSS feed or bookmark out Gold Silver Update page for market analysis each Monday, Wednesday and Friday. GoldSilver.org also invites investors, both “green” and seasoned, to request free copies of our gold and silver investment guides below, or simply send us an email by using the “Contact Us” link in the top-right corner of this page.

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