Today’s AM fix was USD 1,629.25, EUR 1,221.42 and GBP 1,052.01 per ounce. Yesterday’s AM fix was USD 1,644.00, EUR 1,233.22 and GBP 1,060.37 per ounce.
Silver is trading at $30.26/oz, €22.80/oz and £19.61/oz. Platinum is trading at $1,692.50/oz, palladium at $759.00/oz and rhodium at $1,225/oz.
Gold dropped $7.40 or 0.45% yesterday and closed at $1,635.60/oz. Silver finished with a loss of 1.04% at $30.45/oz. Gold’s decline was again a function of dollar strength as gold eked out gains in some currencies. The euro fell sharply yesterday as investors digested weaker Eurozone growth data which created a shadow of gloom ahead of the G-20 meetings taking place in Moscow.
Gold dropped to a six-week low today and has broken below support at $1,650/oz and now looks vulnerable of a fall to support at the $1,600/oz level. Gold will be supported next week by physical buying when Asia has returned from the week-long New Year’s holiday.
Palladium and platinum have outperformed gold so far this year on mining disruptions, supply constraints, reduced supply from Russia, jewelry demand, increasing auto sales and currency debasement.