US Gold futures prices finished pit trade Monday lower. And most raw commodity markets saw selling Monday.

Losses in the precious metals were limited by a weaker USD index and firmer Crude Oil prices.

Jun Gold last traded off 8.69 at 1,651.60 oz.

Spot Gold was last quoted - 7.60 at $1,651.50 oz.

May Comex Silver last traded + 0.14 at 31.53 oz.

The European Union sovereign debt crisis continues garner some attention. Spanish bond yields rose above 6% Monday, ahead of 2 Key Italian bond auctions this week.

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If the bond yields rise above 7%, it could put the EU debt crisis right back on Front Street. Early worries regarding had the market mixed early Monday, pressuring most raw commodity markets including the precious metals. The sentiment has changed and the DJIA just now is + 118.96 at 12, 967.88 (+0.90%).

A cordial weekend meeting between the US 5+1 representatives, and Iran regarding Iran's nuclear program took place in Turkey, both sides agreed to talk again in May. The market sees that as Bearish Crude Oil.

WTI Crude Oil 102.96 +0.13 (+0.13%)

Precious metals traders are focused on new US economic data due this week. US data released Monday showed some weakness.

The USD index was firmer early Monday, but then sold off on the weaker US data. Trading in the USD index was been choppy as Bulls and Bears are playing tug of War, neither gaining much.

The London PM Gold fixing was 1,653.00, compared to the prior London PM fixing at 1,666.50.

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service