Gold dropped 0.11% or $1.30 and closed at $1,184.20 an ounce yesterday, while silver lost 0.36% or $0.06, closing at $16.65 an ounce. Overnight in Singapore, gold prices again fell marginally to touch a low of $1,181 per ounce prior to small gains in London this morning.
Gold closed very marginally lower in dollar terms yesterday and for the quarter. This is somewhat negative from a technical and sentiment perspective, however strong fundamentals and robust global demand are likely to support.
- Today’s AM fix was USD 1,181.25, EUR 1,099.50 and GBP 800.36 per ounce.
- Yesterday’s AM fix was USD 1,179.25, EUR 1,098.84 and GBP 797.95 per ounce.
Gold in USD, 1-day
Did Wall Street players “paint the tape” and ensure a lower quarterly close to keep animal spirits in the gold market muted and encourage momentum traders to go short? We cannot tell but it would be somewhat naive to completely discount that possibility given the shenanigans banks have been found guilty of in recent months and years.
It is important to remember that no matter what manipulation may take place in futures markets, Asian and global physical demand including central bank demand will dictate the price of gold in the long term. Patience will reward those who retain an allocation to physical gold in the coming years.