Today's AM fix was USD 1,571.50, EUR 1,298.12, and GBP 1,011.91 per ounce. Friday’s AM fix was USD 1,583.00, EUR 1,291.30and GBP 1,007.83 per ounce.
Silver is trading at $26.98/oz., €22.36/oz. and £17.94/oz. Platinum is trading at $1,396.00/oz., palladium at $564.80/oz. and rhodium at $1,190/oz.
Gold climbed $2.90 or 0.18% in New York on Friday and closed at $1,583.90/oz. Gold initially traded sideways in Asia and then began to fall about 0.75% by the open of trading in Europe.
Gold edged down on Monday due to the pressure from a stronger dollar, as worries about the euro-zone debt crisis grew after Spain looked like the next candidate for a sovereign bailout.
Spain has two regions seeking aid from the central government and El Pais reported that six Spanish regions may ask for aid from the central government while Spanish bonds yields continue to rise. As the fourth largest economy in the euro zone Spain looks likely to follow Greece, Portugal and Ireland seeking an international bailout.
Greece’s creditors meet this week as many doubt they will meet their bailout commitments. German Vice Chancellor Philipp Roesler said he’s “very skeptical” that European leaders will be able to rescue Greece. China’s economic expansion may fall for a seventh straight quarter to 7.4% in the three months to September, said Song Guoqing, a member of the People’s Bank of China monetary policy committee.
Technical analysis suggested that spot gold would be neutral in the range of $1,567.34-$1,597/oz. said Wang Tao a Reuters market analyst.
Investors are favoring safe haven assets such as the dollar, yen and US Treasuries while some just sit on cash until more clearer signals from the US Fed are given.
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