Stronger dollar pushed prices lower
Bullion prices ended lower on Monday, 11 January 2016 at Comex. Gold prices ended the U.S. day session slightly down after prices hit a two-month high late last week. A stronger dollar pushed prices lower.
February Comex gold was last down $1.90 at $1,096.0 an ounce. March Comex silver was last down $0.058 at $13.86 an ounce.
There is still anxiety in the world marketplace early this week after the Chinese stock market dropped Monday, by over 5%, and hit a four-year low in Hong Kong. Chinese financial and monetary authorities mostly stood aside and let the market trade after last week halting trading with circuit-breakers at one point. China officials did push up the value of the yuan against the U.S. dollar on Monday, but that did little to stem the selling pressure on China equities. Australian and South Korean stocks also fell on Monday. Japan's markets were closed for a holiday.
Crude oil prices are sharply lower again to start the trading week. Nymex crude is trading around $31.00 a barrel and at a fresh 12-year low today. And there is still market concern about escalating violence in the Middle East as Saudi Arabia and Iran are in a stare-down at present.
U.S. oil futures settled under $32 a barrel on Monday for the first time since December 2003, with concerns over risks for a slowdown in Chinese energy demand and expectations that Iran will soon add to the world's glut of crude supplies helping to send prices lower for a sixth straight session.
Recent weaker Chinese economic data has spooked world markets. China is the world's second-largest economy and is the world's largest raw commodity importer.
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