Metals markets opened marginally higher on this US Election Day as the US dollar traded virtually flat and as crude oil advanced by about thirty cents per barrel. Speculative participants appeared to be willing to take only small bites at the market.
Dollar prices for buying gold rallied above $1,670 per ounce for the first time in over two weeks ahead of US trading, while stocks and commodities were broadly flat, with the main European markets except London closed for the May 1 holiday.
Gold bullion prices hovered around $1,650 per ounce during Thursday morning's London session – slightly higher than where they started the week – while stocks and commodities were also broadly flat as markets digested the latest statements from US policymakers.
Gold prices rallied to $1,643 per ounce by Tuesday lunchtime in London – 1.2% up on yesterday's low, but still shy of where they closed last week – ahead of tomorrow's Federal Reserve decision and with euro zone concerns focusing on the Netherlands.
Gold bullion prices fell to $1,630 per ounce during Monday morning's London trading – 2.3% down on where they started the month – while stock markets and industrial commodities also sold off following the release of preliminary Chinese manufacturing data.
Gold prices continued to hover near $1,650 per ounce ahead of Tuesday's US trading – in line with where they have spent most of the last month – while European stock markets gained following Spain's successful auction of short-term Treasury bills.
Dollar prices to buy gold hovered just below $1,680 per ounce Friday morning in London – back at levels last seen 10 days ago – as stock markets and industrial commodities ticked lower and government bonds gained.
Gold bullion prices drifted down to $1.642 per ounce during Tuesday morning's London trading – though still slightly up on last week's close following gains in Asia – while stocks fell and commodities were flat.