Gold moved lower overnight, opening the day at 1204.50/1205.50. It touched a high of 1205.50/1206.50 before declining to a low of 1195.25/1196.25 on dollar strength as the U.S. 10-year Treasury yields gapped higher en route to a 2-½-week high following better-than-expected U.S. economic data that showed initial jobless claims had fallen while the Philly Fed Business Index came in above consensus at a 2-year high. Thereafter, the dollar retreated and gold recovered to close above the $1200 level, at 1201.00/1202.00.
Silver moved lower overnight, opening the session at 16.95/17.00. It touched a high of 16.97/17.02 before dropping to a low of 16.70/16.75 as platinum prices fell for a fourth consecutive day to a 2-week low while palladium prices traded within its weekly range. Later in the session, silver rebounded to its session high, eventually closing at 16.96/17.01.