Gold fell to its lowest in almost a week on Monday, weighed by a rallying dollar that dented the metal’s appeal to non-U.S. investors and record speculative positioning in the New York gold futures market.

The high in gold on Wednesday turned out to be the Tuesday closing price of $924.10…as gold was under pressure right from the open in early Thursday morning trading in the Far East…as the New York bullion banks get about an hour head start before Sydney opens for business. This happened because the N.Y. bullion banks close for business at the end of one trading day…and open for business 45 minutes later for early morning trading in the Far East in the next calendar day. That 45 minute gap is the only time during the day that gold is not traded anywhere in the world. Note that on the Kitco gold chart below.

There was a brief flurry of excitement in Globex trading on Sunday evening’s New York open. Both gold and silver were up right out of the starting gate…silver especially so.