Today’s AM fix was USD 1,254.75, EUR 925.88 and GBP 763.32 per ounce.
Friday’s AM fix was USD 1,241.00, EUR 912.63 and GBP 754.68 per ounce.
Gold rose $10.02 or 0.8% Friday, closing at $1,252.11/oz. Silver rose $0.24 or 1.2% closing at $20.29/oz. Gold was up 0.5% for the week, its 4 consecutive weekly climb, in spite of a stronger dollar. This is positive from a technical and momentum perspective. For the week, silver rose 1.2 % to $20.29 an ounce.
Today, the U.S. markets are closed for Martin Luther King Jr holiday.
Gold is marginally lower today after gaining last week on the U.S. inflation data that showed that the cost of living in the U.S. increased by the most in six months. This increased the appeal of gold as an inflation hedge.
Platinum rose by 1.8% last week the highest of any precious metal. The platinum market is set to encounter production constraints as South African unions voted for a wage strike at Impala and Lonmin. If workers at Anglo American follow then it will cripple the world’s three largest producers, and bring more than half of the world’s platinum production to a screeching halt.
News From Around The World
Gold At 6-Week High; Platinum Gains On S. African Strikes
Hedge Funds Raise Gold Wagers as Goldman Sees Drop
Gold Rises to Six-Week High on Signs of Demand as Platinum Jumps
China Expected To Announce It Has More Than Doubled Gold Reserve, Expert Says
Deutsche Bank Shares Drop 5% After Quarterly Loss
"I Am A Long-Term Consistent Buyer Of Gold And I Plan To Always Be One"
A Glimpse into the Coming Collapse
Germany Has Recovered A Paltry 5 Tons Of Gold From The NY Fed After One Year
China Not Only Imports Gold Through Hong Kong
‘Too Big To Fail’ Problem Just Got Worse