Yesterday’s better-than-expected report on U.S. new home sales helped support the greenback

Yesterday’s better-than-expected report on U.S. new home sales helped support the greenback which gave way to more pressure on the precious metals complex. Those who were able to catch the falling knife have been rewarded with a nice rebound in early trading this morning. Gold closed at $1701.60 after a brief visit below the psychological level of $1700 but has since clawed its way back to the tune of more than $10 dollars as the yellow metal is currently trading at $1715. Silver is up more than 1.5% at $32.145 after closing Wednesday’s session at $31.620. Platinum and palladium are both up more than $10 from yesterday’s close at $1576 and $604 respectively. U.S. initial jobless claims fell to 369,000 from last week’s 392,000. U.S. durable goods orders also showed signs of improvement, rising 9.9% and beating expectations of just a 7.1% bump. Across the pond, UK GDP growth came in at 1% in the third quarter as the 2012 Olympics helped pull the country out of recession.  Have a great day!