GoldCore Update: Gold in Euros above €800/oz on Concerns for Euro

Gold
Gold (and silver) rose some 1% yesterday prior to range trading in the US yesterday from – $1,110/oz to $1,115/oz. It has moved upwards Asian trading so far this morning jumping from $1,113/oz to $1,124/oz. Gold is currently trading at $1,121.00/oz and in Euro and GBP terms, gold is trading at €802/oz and £700/oz respectively. The continuing problems in the Eurozone are seeing the gold rise in Euro terms and a weekly close above €800/oz will be very positive technically.

Risk appetite has increased on somewhat more positive economic data yesterday and this has seen Asian equity markets rally. European equity markets have also risen but more tentatively. Confidence in the economic recovery remains fragile with the big picture remaining uncertain with continuing global macroeconomic and geopolitical risk.

Dollar weakness is emboldening traders to again take positions in the gold market but many players remain hesitant to enter any major bets before the U.S. non-farm payrolls report for January due out on Friday. Any signs of improvement in the labor market could fuel speculation of nearer term Federal Reserve interest rate hikes in order to protect the dollar and prevent inflation.

Silver
Silver began at $16.70/oz in Asia and has moved upwards since. Silver is currently trading at $16.90/oz, €12.05/oz and £10.52/oz.

Platinum Group Metals
Platinum is trading at $1,592/oz and palladium is currently trading at $447/oz. While rhodium is at $2,550/oz.

News
– Oil prices dipped in Asian trade overnight, as the market prepared for figures expected to show a larger than expected rise in US crude inventories. US crude fell five cents to $77.18 a barrel, while London’s Brent crude was down three cents to $76.03.

– Bank bosses have been given an ultimatum by the UK’s  Financial Services Authority (FSA). The FSA told UK bank bosses that 60% of all pay must be deferred, with no exceptions, even for those whose contracts conflict with the edict.

– President Ahmadinejad of Iran has agreed to submit Iran’s enriched uranium in exchange for the receipt of nuclear fuel.  It seems like a concession from earlier conditions set for the transfer and is being seen as a conciliatory move.

– Growth in the UK services sector slowed more than expected last month as snow-related disruptions and a rise in value-added tax took their toll, a survey of purchasing managers showed this morning.

Find out First – Register Now For GoldCore’s Exclusive Market Updates

Mark OByrne

Also on news-goldcore-com

Videos

Why Gareth Soloway is “unbelievably bullish” on gold and silver

Gold and Silver Chart Analysis January 2023 with Patrick Karim

Gold, Rate Hikes and The Central Bank Illusion?

Blog posts

Why Gareth Soloway is “unbelievably bullish” on gold and silver

Click below to watch What’s going on with the gold price? Is the silver price set for a further pullback? Technical analysis expert Gareth Soloway of InTheMoneyStocks joins Dave Russell of GoldCore TV for a monthly look at the gold and silver charts. Volatility has returned to the precious metals markets with bot #gold and […]

READ MORE

US Federal Reserve Sticks To The Script But For How Long?

Those watching the gold price and price of silver will have noticed the sharp uptick following the Federal Reserve’s announcement, yesterday. This was despite the Fed doing exactly what everyone expected them to do. For now, the Federal Reserve is sticking to its relatively well-telegraphed plan but how long will it be until they need […]

READ MORE

China and the US at sovereign debt war

US dollar hegemony has long been a standard feature of the global financial and economic system. But developments in recent years and months (weeks, even) suggests there are more than a handful of countries who are looking to rely less on the US dollar. Instead countries who have long been at the mercy of the […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Why Gareth Soloway is “unbelievably bullish” on gold and silver

Gold and Silver Chart Analysis January 2023 with Patrick Karim

Gold, Rate Hikes and The Central Bank Illusion?

Blog posts

Why Gareth Soloway is “unbelievably bullish” on gold and silver

Click below to watch What’s going on with the gold price? Is the silver price set for a further pullback? Technical analysis expert Gareth Soloway of InTheMoneyStocks joins Dave Russell of GoldCore TV for a monthly look at the gold and silver charts. Volatility has returned to the precious metals markets with bot #gold and […]

READ MORE

US Federal Reserve Sticks To The Script But For How Long?

Those watching the gold price and price of silver will have noticed the sharp uptick following the Federal Reserve’s announcement, yesterday. This was despite the Fed doing exactly what everyone expected them to do. For now, the Federal Reserve is sticking to its relatively well-telegraphed plan but how long will it be until they need […]

READ MORE

China and the US at sovereign debt war

US dollar hegemony has long been a standard feature of the global financial and economic system. But developments in recent years and months (weeks, even) suggests there are more than a handful of countries who are looking to rely less on the US dollar. Instead countries who have long been at the mercy of the […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE