- Today’s AM fix was USD 1,253.50, EUR 924.62 and GBP 746.22per ounce.
- Yesterday’s AM fix was USD 1,255.00, EUR 920.70 and GBP 746.67 per ounce.
Gold is treading water and appears to be biding time prior to the economic data later this week.
After the positive jobs report last week, there is an expectation that retail sales may rise. A positive retail sales number could see gold come under pressure, while a worse number should lead to a safe haven bid for gold.
It is worth remembering that June has been a poor month for gold in recent years, especially last year, and we could see weakness in this the last month of Q2 and indeed H2.
In just two days, it all begins in Brazil. The world will be focused on the iconic soccer tournament where the nations of the earth play each other to win one of the most cherished prizes in the world - the World Cup.
The World Cup trophy itself is legendary. Commissioned in 1974, it stands 36.8 centimeters high, weighs 6.177 kilogrammes (or 218 troy ounces) and is made of solid, 18-karat gold.
In terms of June 6 gold prices, it's worth a measly €149,500 - £121,500 or $203,500; this wouldn’t even cover the payroll for some football stars in a week. The Real Madrid forward Cristiano Ronaldo is currently earning more than €370,000 per week - £300,000 or $502,500 per week.
The original trophy was an amalgamation of gold-plated sterling silver and a deep blue, semi-precious stone. Unfortunately, this ornate object was stolen in 1983 and hasn't been seen since.
Today's winners of the World Cup receive a gold-plated replica of the trophy, not the actual, solid, 18-karat gold trophy.