Gold’s London AM fix this morning was USD 1,622.50, EUR 1,239.21, and GBP 1,022.82 per ounce. Yesterday's AM fix was USD 1,631.75, EUR 1,239.65 and GBP 1,027.75 per ounce.
Silver is trading at $31.36/oz., €24.00/oz. and £19.80/oz. Platinum is trading at $1,595.75/oz., palladium at $635.80/oz. and rhodium at $1,350/oz.Cross Currency Table – (Bloomberg)
Gold fell $27.90 or 1.69% in New York yesterday and closed at $1,618.40/oz. Gold ticked higher in Asia prior to further slight gains in Europe.
Gold dropped to its lowest level since January but remains higher on the year. It is poised for its first lower weekly close since mid-March adding to the poor technical picture.
The very poor Spanish debt auction and renewed concerns about the euro zone debt crisis has led to another sharp bout of risk off in global markets. Euro zone concerns and concerns that cheap money and QE policies may end saw world stocks (MSCI World) fall 1.9% while gold fell 1.7% yesterday.
European indices are lower again today on renewed risk aversion.
Commodities fell too yesterday. Platinum for July delivery fell $61.90, or 3.7%, to $1,598.60/oz. Palladium for June delivery fell $26.85, or 4.1%, to $632.75/oz. and copper for May delivery fell 12.85 cents to $3.7905 a pound. U.S. crude oil fell $2.54, or 2.4%, to finish at $101.47 a barrel in New York.