US dollar gold prices traded around $1,730 an ounce during Tuesday morning's London session, broadly in line with where they started the week, while European stock markets ticked lower and longer-dated US Treasuries dipped.
The two largest gold buyers in the world that largely drive the Love Trade, China and India, underwhelmed the metals market with their subdued demand for the yellow metal during the second quarter of this year.
US dollar prices quoted for gold bullion on the wholesale market rose to $1,596 an ounce during Friday morning's London trading, recovering some ground following three days of losses, as stock markets also rebounded ahead of the release of US nonfarm payrolls data.
While most experts agree the long-term outlook for gold prices is still bullish, the yellow metal's pattern this summer can only be described as one of fits and starts. In all, gold has made 11 short-term bottoms since May 29, the lowest being a close at $1,552.40.
US dollar gold prices fell to $1,573 an ounce Tuesday morning in London – a few dollars above last week's low – as stocks and commodities also traded lower, while US Treasuries were flat and German bunds fell after Germany's credit rating was placed on negative outlook.
Having seen sharp falls during Tuesday's US trading, gold prices regained some lost ground Wednesday morning, climbing as high as $1,583 per ounce, while stocks and commodities were broadly flat and US Treasuries dipped.
The US dollar gold price hovered around $1,630 an ounce during Tuesday morning's trading in London – in line with where it ended last week – while stocks and commodities were also broadly flat ahead of the latest Federal Reserve policy meeting.
The London Metal Exchange on Tuesday said it had narrowed discussion on a potential takeover acquisition to two bidders and sources close to the process said CME Group was the latest bidder to be eliminated.