Precious metals rallied in London on Tuesday morning as European stock markets also bounced with commodity prices. The U.S. dollar eased back on the currency market, as did major government bond yields.
The gold price fell $10 per ounce after reaching almost $1,400 for the fifth time this week in London trade Friday morning. Silver held tight around $22.50 per ounce, managing only one-third of gold's 2.0% gain for the week.
Wholesale gold bullion prices rose to $1,725 an ounce Thursday morning, recovering some ground after yesterday's sharp drop during US trading, as stocks, commodities and the euro also gained and US Treasury bond prices fell.
US dollar gold prices traded just above $1,700 an ounce throughout Friday morning in London, following an overnight reversal of yesterday's rally, while European stock markets traded lower this morning following losses in Asia.
Spot market prices to buy gold regained some ground Tuesday morning after dropping to a one-month low below $1,730 per ounce, gold's lowest level since the US Federal Reserve announced open-ended quantitative easing last month.
Spot market gold bullion prices dipped below $1,770 an ounce during Monday morning London trading, though they remained in line with the last fortnight's price action, while European stock markets rallied along with the euro.
Wholesale prices to buy gold using US dollars or British pounds fell Thursday morning to trade just 1% below their seven-month highs of the last week. Commodity prices dropped once again with Asian and European equities.
Wholesale London prices to buy gold rose 1.3% Thursday morning in London, briefly rising above $1,590 per ounce as world stock markets also rallied. Silver prices rose faster still, gaining 2.2% from Wednesday's low to reach $27.55 per ounce.