Four year high dollar index push prices lower
Bullion prices ended the U.S. day session moderately lower on Wednesday, 24 September 2014 at Comex. A rally in the U.S. dollar index to a four-year high has been a major bearish factor working against gold and silver. Gold prices on Wednesday surrendered recent gains as the U.S. dollar gained against rivals on strong economic data.
Gold for December delivery fell $2.50 higher to settle at $1,219.50 an ounce.
December silver fell 7 cents to $17.64 an ounce.
Trader and investor nervousness in the market place waned Wednesday following this week's U.S. airstrikes that hit ISIS terrorists at several locations in Iraq and Syria. World stock markets had seen some selling pressure on the news, but not anything close to a panic.
In overnight news, Germany's Ifo business confidence survey came in below expectations, at 104.7 in September versus expectations of a reading of 105.8. The figure was the lowest since April of 2013.
The World Bank said Wednesday that Russia will see significantly slower economic growth in the coming months, due to sanctions imposed by other nations. The report said Russia would still likely eke out slight economic growth to just avoid recession the next couple years.
U.S. economic data released Wednesday included the weekly MBA mortgage applications survey, new residential sales, and the weekly DOE liquid inventory reports. None had major impact on the markets.
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