Gold’s London AM fix this morning was USD 1,661.25, EUR 1,253.02, and GBP 1,024.70 per ounce. Yesterday's AM fix was USD 1,662.50, EUR 1,256.61 and GBP 1,021.44 per ounce.
Silver is trading at $30.85/oz., €23.37/oz. and £19.10/oz. Platinum is trading at $1,570.00/oz., palladium at $677.60/oz. and rhodium at $1,350/oz.
Gold rose $3.80 or 0.23% in New York yesterday and closed at $1,666.10/oz. However, there were more peculiar goings on in the gold market which saw one massive sell order knock prices lower, prior to gold gathering itself and moving higher.
Cross Currency Table – (Bloomberg)
Bullion traded sideways in Asia before slight weakness and has dipped marginally in early European trading.
Gold may complete its sixth day of price increases, its best run since August, as business activity in the US expanded at its slowest pace since November 2009, creating demand for gold as a heading instrument and a safe haven.
Gold’s technicals are mixed after April’s slight loss (-0.2%) meant that gold has now had three consecutive monthly losses – the first since 2000.
However, gold has a bullish outside reversal week last week and the higher quarterly close of a 6.7% gain in Q1 2012, and 11 consecutive years of annual gains mean that the long term technicals remain favorable.