Spot market gold bullion prices traded around $1,765 an ounce Tuesday morning in London, 1.8% off last Friday's seven-month high. Stock markets were also broadly flat as major government bond prices gained, while the euro recovered early losses.
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.
Dollar prices to buy gold were struggling to stay above $1,700 an ounce Thursday lunchtime in London, following the latest monetary policy announcements from the Bank of England and European Central Bank.
Global copper consumption is expected to grow 1.2% in 2012 to reach 20,349-million metric tons, with China accounting for the bulk of the demand and within China, the health of the construction sector will be the main risk to copper demand.
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 prices fell to $1,721 per ounce by Wednesday lunchtime in London - 1.4% down for the week so far - while stocks and commodities gave up early gains. Silver prices drifted down to $32.23 per ounce - 1.2% down on the start of the week.
Gold bullion continued to trade in a range bound fashion around $1,758 per ounce - 8.3% above where it started October - following the release of US nonfarm payroll data, which showed the US economy added 80,000 jobs last month.
Precious metals headed lower (all but platinum) as the US dollar picked up a tad of energy and the euro ran into a wall of overhead resistance amid the still (!) on-going crisis. Spot gold opened $10.20 lower at $1,754 per ounce.