Gold Gold finished trading in New York yesterday at $920.90, down $5 and silver fell to $17.84, down 1 cents. Gold again traded down in the New York Globex electronic market and in early trading in Asia prior to rallying in late trading in Asia and and early European trading back above its opening price in New York yesterday. Gold is up so far today after Iranian state media reported that the country had test-fired missiles that could reach Israeli and U.S. bases in the region.
Gold Gold finished trading in New York yesterday at $925.90, down $6 and silver fell to $17.85, down 43 cents. Gold then sold off somewhat in the New York Globex electronic market before rising again in Asian and early European trading to over $930 per ounce. A lessening likelihood of a military confrontation with Iran contributed to the fall in oil and gold's slight sell off. However, risk aversion is reasserting itself with the ominous news regarding the U.S. financial sector.
Gold Gold finished last week at $932.50 and was up $7.35 for the week. It has subsequently fallen in Asian and early European trading to below $921 per ounce. While the dollar is marginally higher, oil has fallen quite sharply <$142.40 down nearly 2% - Light Sweet Crude Oil Future - Combined - AUG08> and this has seen profit taking by gold traders. Traders appear to have had stop loss orders at and just below $930 which exacerbated the move down.
Gold Gold was down $12.90 to $931.90 in New York yesterday and silver closed at $18.28, down 5 cents. Gold remained at these levels in Asia but has fallen near to yesterday’s lows in early trading in Europe. Oil has fallen marginally <$144.40 down 0.6% - Light Sweet Crude Oil Future - Combined - AUG08> and the dollar is flat after yesterday’s strong gains. Yesterday gold was sold extremely aggressively immediately after the U.S. jobs report was released at 1330 GMT.
Gold Gold rose to $944.80 in New York yesterday and was up $2.00; silver closed at $18.33, up 13 cents. Gold has remained firm near 10 week highs on the surging oil price which reached a new record high today <$145.72 - Light Sweet Crude Oil Future - Combined - AUG08>. The dollar is flat today after its decline in value in recent days. Against the euro, the dollar looks set to fall through support at 1.60 in the coming days and 1.70 euro/dollar looks like a very real possibility by the end of September.
Gold Gold surged to $942.80 in New York yesterday and was up $16.30 and silver closed at $18.20, up 78 cents. Gold has succumbed to profit taking with the dollar flat and oil prices down marginally ($141.30 per barrel). However, geopolitical risk remains ever present and this should result in gold remaining well bid at these levels. While the ISM data yesterday looked benign and was greeted by an increase in risk appetite, a deeper look at the numbers was very worrying in that it showed a leap in the Index of Prices paid number.
Gold Gold surged to $928.50 in New York on Friday and was up $16.20; silver closed at $17.62, up 50 cents. While the dollar has strengthened somewhat, oil has again rallied sharply to new record highs (up 2.4% to over $143.60 per barrel ) and this should result in gold remaining well bid at these levels. Geopolitical risk and continuing tensions in the Middle East and between the U.S.
On a day when I read that rising fuel prices are putting a pinch on the world's oldest profession I am reminded that there are commentators that can laugh in the face of creeping economic woes.
Gold Gold surged to $912.30 in New York yesterday and was up $32.70; silver closed at $17.12, up 64 cents. Gold surged in what was the largest one day move since 1985 as the dollar weakened, oil prices surged to new record highs and stock markets fell sharply. While gold was up some 3%, most U.S. stock indices were down some 3% and this continued in Asia and early European trading with gold rising to over $920.
Gold Gold closed at $879.60 in New York yesterday and was down $9.20; silver closed at $16.48, down 13 cents. Gold fell prior to and shortly after the Federal Reserve’s decision to keep interest rates on hold at 2%. However, with rates remaining extremely accommodative and inflation surging, gold soon recovered and rallied into the New York close and continued rallying in electronic trading.
Gold Gold closed at $888.80 in New York yesterday and was up $4.40; silver closed at $16.61, down 16 cents. Gold fell initially in Asia, then rose in early European trading prior to falling again in recent trade. With oil prices remaining near record highs, near $137 a barrel this morning and the dollar slightly weaker (it breached and remains close to 1.56 against the euro again this morning), gold should remain well bid at these levels but in the short term anything can happen and support is at $880 and $860.
The Bank of International Settlements, which seems to be the only institution that tracks the derivatives market, has recently reported that global outstanding derivatives have reached 1.14 quadrillion dollars: $548 Trillion in listed credit derivatives plus $596 trillion in notional/OTC derivatives. Yes, that is Quadrillion. One and 15 zeroes!
Gold Gold closed at $884.40 in New York yesterday and was down 17.30 cents; silver closed at $16.76, down 57 cents. Gold rallied in Asia and in early European trading to recover some of yesterday’s sharp losses. Oil has risen to near record highs, above $138 a barrel again this morning and the dollar has given up much of yesterday’s gains (1.557 to the Euro) and this is likely leading to gold buying. All eyes are on the Federal Reserve’s interest rate decision tomorrow and this could lead to traders being reluctant to take large positions - long or short.
Gold Gold closed at $901.70 in New York on Friday and was down 40 cents; silver closed at $17.33, up 1 cent. Gold was up over 4% last week and the close above $900 may prove important from a technical point of view in the coming weeks. Gold remained strong in Asia and in early European trading but has since succumbed to profit taking after last week’s gains on a stronger dollar this morning. There appear to have been large long positions with stop losses at $900 and this contributed to the severity of the sell off this morning.
Gold Gold closed at $891.30 in New York yesterday and was up $6.90; silver closed at $17.31, up 26 cents. Since then gold has again traded in a range between $885 and $895 in Asian and in early European trading this morning. Gold rose in early trading in Europe when oil prices rose on news that Anglo-Dutch oil giant Shell had halted production at a major offshore oil facility in Nigeria because of a militant attack.
Gold Gold closed at $884.20 in New York yesterday and was up $1.00; silver closed at $17.05, down 19 cents. Since then gold has again traded in a range between $880 and $890 in Asian and early European trading this morning. Gold remains firm after the poor economic data from the U.S. yesterday which showed that housing starts and permits continue to slide, industrial production also fell and was weaker then expected.
Gold Gold closed at $883.20 in New York yesterday and was up $13.30;silver closed at $17.24 up 67 cents. Gold traded in a range between $880 and $890 in Asian and European trading this morning prior to selling off at the open on the NYMEX. With oil selling off and the dollar stronger versus the euro today, gold has come under pressure. But the inflation genie is well and truly out of the bottle and central banks internationally are in an extremely difficult situation.
Gold Gold closed at $869.50 in New York and was down $10.50; silver closed at $16.48 down 29 cents. Gold rallied initially in Asia but has subsequently given up those gains and has fallen in Asia overnight and in early European trading this morning. More of the same in the gold market today with gold taking its lead from oil which is down (1%) and the dollar which is up this morning (0.8% against the euro and 0.15% against sterling).
Gold Gold closed at $881.00 in New York and was up $13.20; silver closed at $16.84, up 27 cents. Gold has subsequently given up some of yesterday's gains and has fallen in Asia overnight and in early European trading this morning. Gold is again taking its cue from oil which is down and the dollar which is up this morning. This trend may continue until we get a breakout out of the recent range bound trade between $850 and $950. The breakout is again likely to be to the upside.
Gold Gold closed at $867.80 in New York and was down $27; silver closed at $16.57 down 58 cents. Gold has risen in Asia overnight and in early European trading this morning is up some 0.5%.