The dollar gold price drifted lower to $1,720 an ounce during Thursday morning's London session, around $10 down on the week, as stocks and the euro also drifted lower following the release of weak economic growth data from the euro zone.
Prices in the wholesale gold bullion market traded above $1,730 an ounce Friday morning in London, having earlier touched a two-week high, while stocks fell and the dollar and US Treasury bonds gained.
Gold and silver are set for higher weekly closes in all fiat currencies which may negate the recent bearish short term technical picture and set the precious metals up for the traditional yearend rally.
Spot market gold prices hovered just below $1,720 an ounce Thursday morning in London – 2.4% up on last week's close – while stocks recovered some ground and the dollar ticked higher as central banks in the UK and Europe left monetary policy unchanged.
Metals are treading water while crude oil is mounting a cautious corrective recovery after yesterday’s aggressive selloff in early European trade. All eyes are on the European Central Bank interest rate decision.
The spot market gold price traded just below $1,715 an ounce during Tuesday morning's London session, little changed from last week's close, while European stock markets recovered their losses from a day earlier and UK and German government bond prices fell.
Spot market prices for buying gold eased to just above $1,770 an ounce during Tuesday morning London trading, around ten dollars below where they started the week, while stocks and commodities were broadly flat.
A net sentiment-negative outcome to the varied mix of catalysts on offer stands to weigh growth-anchored crude oil and copper prices. Meanwhile, gold and silver may decline as ebbing risk appetite boosts haven demand for the US dollar.