Today’s AM LBMA Gold Price was $1,197.85, €1,136.72 and £820.54 per ounce.
Friday’s AM LBMA Gold Price was $1,201.90, €1,133.49 and £820.58 per ounce.
Gold in Euros – 1 Week
Gold climbed 1.1% or $13.10 and closed at $1,208.20 an ounce on Friday, while silver rose 1.79% or $0.29 closing at $16.49 an ounce. Gold finished up 0.57% for the week in dollar while silver slipped 1.49%. Gold in euros was over 3% higher and in sterling gold was over 2% higher for the week.
Gold prices in Singapore were off 0.3% at $1,204.16 an ounce near the end of day trading. Comes U.S. gold for June delivery was unchanged at $1,204.30 an ounce.
Gold made a sharp reversal higher last week despite the stronger dollar and buoyant record hitting stock markets and this is bullish for the coming months.
On Friday, Federal Reserve Bank of Richmond president Jeffrey Lacker said he continued to favour a rate increase at the June policy meeting, suggesting some of the recent forecast-missing US data was weaker because of unseasonably adverse weather.
The yellow metal shrugged off the hawkish comments finishing up on Friday. The next FOMC meeting is scheduled April 28-29th.
Concerns about the health of the world’s number two economy, China, has been highlighted by poor economic data. Chinese exports fell 15% in March while import shipments dropped at their highest rate since the 2009 global financial crisis.
This is a shock and suggests that global economy is vulnerable to a slow down. The trade balance falling from $60.6 billion in February to $3.1 billion in March. Economists had $43.4 billion forecasted. The World Bank cut their Chinese economic growth forecasts for 2015 from 7.4% to 7.1%, and 2016 from 7.2% to 7%.
In late European trading, gold was trading down 0.66% at $1,199.42 per ounce. Silver was off 0.74% at $16.34 per ounce. Platinum also slipped 0.69% at $1,159.20 per ounce.