Today's AM fix was USD 1,589.25, EUR 1,271.40, and GBP 1,025.65 per ounce. Yesterday’s AM fix was USD 1,593.00, EUR 1,264.79, and GBP 1,023.45 per ounce.
Silver is trading at $28.67/oz., €22.92/oz. and £18.52/oz. Platinum is trading at $1,448.00/oz., palladium at $618.00/oz. and rhodium at $1,200/oz.Gold 1 Month Chart – (Bloomberg)
Gold climbed $5.60 or 0.35% yesterday in New York and closed at $1,600.20/oz. despite stock markets giving up early gains on misguided optimism regarding the Spanish “bailout”.
Gold fell initially in Asia before trading sideways and this range trading has continued in European trading.
Gold edged higher Tuesday after hopes were dashed that Spain's bank bailout would be the panacea that would lead to alleviating the euro-zone debt crisis.XAU/EUR 1 Month Chart – (Bloomberg)
Gold is consolidating near $1,600/oz. as investors are concerned that the sovereign debt of Spain will still be stretched to the breaking point and Greece’s possible departure from the euro will unleash more instability in the region.
The risk of contagion remains real and European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro.