The gold price hovered just below $1,700 per ounce Tuesday morning in London – over 4% up on its low last week – before easing ahead of US markets open as the US dollar regained some of the ground it lost on Monday.
Gold bullion prices jumped to $1,747 per ounce Tuesday lunchtime in London – 1.3% above last week's close – as US markets opened for the first time since Friday to the news that European leaders have reached an agreement on Greece.
Gold prices touched $1,600 per ounce Friday lunchtime in London - a 2.3% rally from this week's lows - while stocks and commodities flat. "Physical market demand continues to improve," says Walter de Wet, Standard Bank commodities strategist.
Gold's largest decline since September not only managed to change the price tags on various bullion items by a significant margin, but it has also altered the sentiment among market participants by a notable degree.
Spot gold dealings lost nearly $38 on Thursday and closed near lows for the day, threatening to breach the $1,700 price support. This morning's near $10 opening advance to $1,715 represented perhaps in part a response to the EU's fiscal accord.
As a result of China data and euro-zone turmoil, the overnight action in precious metals turned towards moderate selling despite some decent regional physical offtake coming from Asia. Spot gold lost $7.10 to start the day off at the $1,667.00 bid level.
Gold bullion prices rallied to $1,789 per ounce Friday morning in London - down 3.6% from last week's close - following a sharp drop that began the previous day after key central banks announced they will begin US dollar liquidity operations.
The gold price rose to $1,617 per ounce Friday morning in London - 0.7% off Wednesday's all-time high - as stocks and commodities fell after the US Congress had to cancel a vote on deficit-cutting proposals.