The spot gold price fell to $1,772 an ounce Wednesday morning in London, a few hours after hitting its highest level for nearly seven months after the Bank of Japan became the latest central bank to announce further quantitative easing measures.
Gold traded sideways Tuesday, maintaining gains from the previous 2 sessions as investors waited for action from the European Central Bank looking for intervention in solving the euro-zone debt crisis.
Wholesale market gold prices climbed above $1,590 an ounce during Wednesday morning's London trading – coming within 2% of this month' high – while European stock markets gained despite Spanish government borrowing costs hitting new highs.
The final session of this week opened in New York this morning with an equal lack of directional conviction in precious metals. Gold fell $3 to the $1,620 mark while silver was off by six pennies at $28.58 the ounce.
London quotes for wholesale gold bars held above $1,560 per ounce Friday morning, cutting the week's losses to 1.9% as European stock markets reversed their earlier rally and the euro fell to a new two-year low.
US dollar gold prices rallied to $1,640 an ounce Friday, following the release of disappointing US nonfarm jobs data, though they remained more than 1% down on last Friday. Silver prices also spiked – touching $30.19 per ounce – but was still 3.4% down on the week.
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.
Prices to buy gold fell to $1,672 per ounce Tuesday lunchtime in London – 0.7% off Monday's high – as stocks and commodities ticked lower and US Treasury bonds gained ahead of the release of the latest Federal Reserve policy meeting minutes.