The wholesale bullion gold price continued to weaken Thursday morning in London, dropping to new two-week lows beneath $1,565 per ounce on what analysts called "disappointment" over the latest monetary policy minutes from the US Federal Reserve.
Gold ticked lower in Asia prior to a brief bounce in Europe prior to further losses which have seen gold fall to 1,590.40 USD/oz. Gold is marginally lower in pounds and marginally higher in euros and Swiss francs.
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.
The headline number may have been a “disappointment” but the revisions being made to previous figures offered a healthy counter-balance to be sure. Overall, the data indicate a “pause” in the US recovery but not one that would impel a nice fat little QE3 package.
Gold is down 1.6% on the week. The gold market has seen peculiar, lackluster, low volume trading this week punctuated with sudden, oddly timed, very large sell orders. This leads to quick price falls followed either by slow, gradual recovery or a sharp bounce.
Platinum and palladium will continue to face different outlooks this year with platinum expected to record its eighth consecutive year of gross surplus while palladium is likely to expand the gross deficit recorded in 2011.
Far from being the usual boring consensus event for gold prices, the inaugural Dubai Multi Commodities Centre Precious Metals Conference struck a decidedly controversial note. It was good to see precious metal analysts battling it out with some contrarian views.
Last year, Africa was the region that witnessed the strongest growth in gold-mining operations. The managing director of research with Toronto-based Clarus Securities, expects that trend to continue and suggests some investments in Ghana, Mali, Liberia and Congo
After a 17% rise last year, copper prices may struggle to record significant sustained gains for the rest of 2012’s first half but should rise later in the year, and could test the $9,000 per metric ton level, analysts for Thomson Reuters GFMS said Tuesday.