Gold’s London AM fix this morning was USD 1,656.00, EUR 1,248.21, and GBP 1,042.95 per ounce.
Yesterday's AM fix was USD 1,648.50, EUR 1,248.86 and GBP 1,039.01 per ounce.Cross Currency Table – (Bloomberg)
Gold fell 0.89% in New York yesterday and closed at $1,650.80/oz. Gold edged higher in Asia and ticked slightly higher before falling in Europe this morning where gold is now trading at $1,649.30/oz.
The weak dollar helped the buying strength in Asia but a drop in physical demand and hopes for the US economic recovery limited gains.
The US housing data figures reaffirmed hopes that the US economy is improving. Some investors have closed out positions in order to buy more risky high yielding assets.
Still stubbornly high oil prices are bullish for gold but have not led to higher gold prices so far.
Gold Market Sentiment Very Poor Despite Strong Fundamentals
Risk appetite remains high as seen in equity indices near record highs and gold more than 15% below its recent record high (nominal).