A stronger dollar and a bout of profit taking saw gold slip back to the low $980s per ounce in early morning trading. It is currently trading at $989/oz and if it fails to pull itself above $990/oz, it may correct back further to $970/oz before support is found.
Increasing tensions with Iran have not created a geopolitical safe haven bid but these tensions merit watching. The World Bank has warned that the dollar’s place as global reserve currency cannot be taken for granted but this has not seen the dollar weaken rather it has strengthened as riskier assets such as equities have retreated in Asia and in Europe this morning.
Silver is currently trading at $15.90/oz and seems to have stabilised somewhat after slipping from highs in the mid $17s/oz only last week.
Platinum group metals
Platinum is currently trading at $1,273/oz, palladium is $289/oz and rhodium is at $1,550/$1,700/oz.