Today’s AM fix was $1,298.00, €1,121.67 and £859.32 per ounce.
Yesterday’s AM fix was $1,292.25, €1,113.63 and £852.35 per ounce
Gold climbed $17.20 or 1.35% to $1,292.70 per ounce yesterday and silver rose $0.24 or 1.36% to $17.93 per ounce.
Spot gold bullion climbed as much as 0.6 % to $1,303.63 an ounce and traded at $1,300.28 in late morning trade in London. On the Comex in New York futures for February delivery gained 0.5 % to $1,300.50.
Gold surpassed $1,300 an ounce for the first time since August on IMF warnings of sluggish global growth which is likely to bring about more QE from central banks increasing gold’s safe haven appeal and indeed demand.
It is important to remember that during the U.S. Fed’s QE, gold rose 70 % in dollar terms from December 2008 through June 2011, when the Federal Reserve pumped more than $2 trillion into the financial system in its bond buying programs. Similar gains should be seen in gold in euro terms in the coming months.
Gold demand has picked up markedly in recent days. This is seen in the surge in the gold ETF holdings and dealers and mints also report a pickup in demand.
The world’s largest gold ETF, SPDR Gold SharesGLD, reported another inflow yesterday, of 11.4 tonnes. That has taken its holdings to their highest since late October, at 742.2 tonnes, up from a six-year low of 704.8 tonnes in early January. There is also a continuing move from ETFs, digital gold and unallocated accounts to safer allocated gold ownership.
Futures and options open interest on the Comex in New York is at the highest in 2 months, and money managers are the most bullish since August.
Silver climbed as much as 1.9 % to the highest since September and was last at $18.213 an ounce. It’s up a whopping 16 % so far the mone month and has seen its best start to a January since 1983. It is silvers best start to a year in over thirty years.
Platinum was little changed and palladium rose 0.3 %.