Gold Marginally Lower on Euro Debt Moves, Market looks forward to FOMC Meeting Next Week

Gold is marginally lower in U.S. dollars and is trading at USD 1,802, EUR 1,306 , GBP 1,140, JPY 138,062, AUD 1,752 and CHF 1,576.04  per ounce. 

Gold’s London AM fix this morning was USD 1,806.00, EUR 1,310.03, and GBP 1,143.18 per ounce. Yesterday’s AM fix  was USD 1,829.00, EUR 1,339.33, and GBP 1,160.46 per ounce.


Gold Bullion

World Bank President Robert Zoellick said on Wednesday the world had entered a new economic danger zone and Europe, Japan and the United States all needed to make hard decisions to avoid dragging down the global economy. 

The Eurozone crisis has caused sideways trading in gold this past week.  

Traders said that the large volume of lending was one reason gold prices had struggled to achieve upward momentum, despite growing rates over the past two days is theoretically bearish gold as holders seek to use bullion holdings to raise cash writes The Financial Times.

Market watchers are waiting for the Federal Reserve’s Federal Open Market Committee (FOMC) meeting on interest rates early next week.    

The U.S. Labor department releases CPI figures at 12.30 GMT. Analysts at Societe General and Goldman Sachs are still bullish on commodities and gold is still being described as undervalued at these levels.

For the latest news and commentary on financial markets and gold please follow us on Twitter.

SILVER 
Silver is trading at $40.12/oz, €29.09/oz and £25.41/oz. 

PLATINUM GROUP METALS 
Platinum is trading at $1,793.00/oz, palladium at $713/oz and rhodium at $1,750/oz. 

NEWS
(Reuters)
Gold drops 1 percent on euro zone debt hopes

(Bloomberg)
Gold-Backed Dollar Puts ‘Fair Value’ at $10,000 an Ounce: Chart of the Day

(Wall Street Journal)
Gold Slips In Asia As Risk Appetite Improves

(Financial Times)
HSBC dropped from silver price suppression lawsuit

(Financial Times)
Gold use gold to get dollar funds

COMMENTARY
(Reuters)
George Soros Column: The Crashing Euro

(ZeroHedge)
Soros Thinks The Unthinkable About Europe

(ZeroHedge)
A Declassified Jon Huntsman On China’s Terror Of A Gold-Pegged Dollar

(King World News)
Robin Griffiths – Gold Will Become the Greatest Bubble

(The Economist)
Gold and Paper Money – Coining a thought

(The Financial Times)
The market for honesty: Gold at $10,000

(ZeroHedge)
Dylan Grice Deconstructs The "Perpetual Ponzi Machine" Of Global Finance, Sees Gold At $10,000 In A World Of Dishonesty

(ZeroHedge)
David Rosenberg: "It’s Time To Start Calling This For What It Is: A Modern Day Depression"

 (Podbean.com) 
GoldCore’s Mark O’Byrne on Frisby’s Bulls And Bears

 

 

Mark O'Byrne

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