Today’s AM LBMA Gold Price was $1,211.10, €1,113.66 and £811.40 per ounce.
Yesterday’s AM LBMA Gold Price was $1,208.50, €1,113.82 and £813.63 per ounce.
Gold fell 0.44% or $5.40 and closed at $1,210.30 an ounce yesterday, while silver slipped 0.71% or $0.12 closing at $16.88 an ounce.
Gold is being supported by dollar weakness today as market participants reassess the likelihood of rate rises.
Today, at 1800 GMT Fed watchers await the release of the U.S. Federal Open Market Committee’s minutes from the March 17-18th meeting. You may recall the Fed’s dovish tone used the word ‘patient’ when referring to monetary policy. At the time officials suggested an interest rate hike as early as June.
But as we expected, poor economic data, especially the very poor payrolls number last Friday which was well below expectations is revising expectations.
Yesterday, Minneapolis Fed President, Narayana Kocherlakota, spoke about waiting until the second half of 2016 to start raising rates, only a day after New York Fed President, William Dudley, said the timing of an increase was unclear.
Kocherlakota also warned of the possibility of more QE which would be very bullish for gold.
The Russian ruble has extended recent gains in its two-month rally, setting new 2015 highs against the dollar and the euro. The ruble has become very oversold and the rally in oil prices is also helping. Oil is Russia’s main export.
In India, Platinum Guild International said that sales of platinum jewellery grew by 28% in 2014 in India. Platinum jewellery is the second largest consumer of platinum in the world (35%) after the auto-catalyst market (36%).
Gold is trading near a seven week high. In London, in the late morning gold for immediate delivery was trading at $1,210.76 or up 0.15%. Silver is at $16.88 or up 0.30% and platinum is trading at $1,173.89 or up 0.59%.