Today’s AM fix was USD 1,346.75, EUR 978.81 and GBP 837.06 per ounce. Yesterday’s AM fix was USD 1,351.00, EUR 978.28and GBP 833.69per ounce.
Gold climbed $1.50 or 0.11% yesterday, closing at $1,353.00/oz. Silver slipped $0.05 or 0.22% closing at $22.47. Platinum rose $9.20 or 0.7% to $1,382.00/oz, while palladium climbed $6.50 or 0.9% to $707/oz.
Gold for immediate delivery gained as much as 0.6% to $1,360.76/oz, prior to a sharp bout of concentrated selling just before European markets opened at 0800 GMT, that saw gold fall to just above $1,340/oz.
Gold had been near the highest level in five weeks after U.S. economic data showed how weak the U.S. economy remains leading to concerns that the Fed will continue with ultra loose monetary policies.
Gold in US Dollars, 10 Days - (Bloomberg)
Gold is currently 1.3% higher in October. Gold fell into the middle of the month (see chart below) and then as U.S. lawmakers wrangled over the nation’s budget and debt ceiling, triggering a 16-day partial government shutdown, gold began to recover and is now nearly $100 above the low seen mid-October at $1,252/oz.
U.S. factory output trailed forecasts in September, while pending sales of previously owned homes fell the most in three years, separate reports showed yesterday. Asian demand remains robust and holdings in the SPDR Gold Trust, the biggest gold exchange traded product, held steady at 872.02 metric tons yesterday.
Gold in US Dollars, 1 Month - (Bloomberg)
In the Financial Times, veteran financial journalist and gold watcher, John Dizard noted the increasing strain in the physical gold market and detailed how that should lead to much higher gold prices.
“Something is unsettling the animals in the forest of the gold market. Usually there is a chorus of chirrups and squeaks that are significant, momentarily, for one species or another, such as a few cents of arbitrage between Zurich and London, or a dollar-an-ounce rise in India caused by a dealer's near insolvency. Then the noise settles down to the murmur of wind through the trees