Today’s AM fix was USD 1,410.00, EUR 1,065.12 and GBP 905.53 per ounce. Yesterday’s AM fix was USD 1,399.50, EUR 1,066.69 and GBP 906.12 per ounce.
Gold climbed $9.90 or 0.71% yesterday to $1,412.00/oz and silver’s gained 0.71%.
Gold is mixed today after two consecutive daily rises. Gold futures in Shanghai jumped 1.5% at the open rising to 283.09 yuan per gramme prior to determined selling that capped the rise.
Gold looks set to have a third week of higher closes and is heading for the longest run of weekly advances since March. Gold is up 1.6% in U.S. dollars and 2.3% in Australian dollars due to concerns about the outlook for both the U.S. and Australian economies.
Markets await the U.S. nonfarm payroll data at 1330 GMT which will help inform as to whether the U.S. is heading into another recession which seems likely and whether the Federal Reserve would wind down its market supporting monetary stimulus.
There has been a decline in the volume of selling in gold ETF’s which suggests that the worst may be over in terms of liquidations.