Precious metals turned slightly less precious overnight, as profit-taking became manifest after a relatively tireless run in gold to the mid-$900 area this week. Bullion prices slipped to lows near $932 ahead of the New York session's opening, and technicians envisioned a correction to the $915/$920 levels before further progress can take place. A successful breach of $952 is seen by many as a harbinger of at least $980 gold. A close today, at or near the 945/950 area, would set the stage for a likely run to the aforementioned target. Background conditions did not show too much in the way of change, as the dollar lost marginal ground on the index, oil took very tentative steps forward, but was still mired near $34, and global stocks drifted amid lack of interest by investors.
New York gold trading started off with a $10 loss on this Friday the 13th, but investors are viewing the pullback as anything but unlucky, and are likely welcoming the pause as a sign that the march to $1K is hopefully more orderly than has been the case on occasion. Spot gold was quoted at $937.20 per ounce as it left the starting gate. Silver lost 14 cents to open at $13.36, while platinum fell $7 and palladium lost $1 to $213 per ounce, respectively. The only news of import on noble metals' players minds for today, are the severe cutbacks and other signs of difficulties over at Toyota North America.