Will US GDP Numbers Lead to QE3?

Today’s AM fix was USD 1,618.75, EUR 1,321.43, and GBP 1,031.51 per ounce.
Yesterday’s AM fix was USD 1,603.00, EUR 1,321.74and GBP 1,034.26 per ounce.

Silver is trading at $27.79/oz, €22.65/oz and £17.74/oz. Platinum is trading at $1,420.70/oz, palladium at $571.75/oz and rhodium at $1,150/oz.

Gold rose $11.10 or 0.69% in New York yesterday and closed at $1,615.60/oz. Silver climbed to a high of $27.815 and ended with a gain of 0.55%.

Gold edged up Friday, near the 3 week high, on the promise of the ECB President Mario Draghi’s words to do “whatever it takes” to prevent a collapse of the euro zone signalled more serious efforts to tackle the debt crisis. The weakened dollar increased gold’s safe haven appeal. 

Today US 2nd qtr GDP figures are released and many feel these numbers will be the catalyst for the US Fed to decide next week on QE3.


Cross Currency Table – (Bloomberg)

US GDP is expected to grow at 1.5% for Q2 according to a Reuters poll, which is the slowest pace since 2Q 2011.   

Spot gold prices were headed for over a 2% gain this week, the biggest weekly rise since the last week of May.

US gold futures contract for August delivery edged up 0.1% to $1,616.90.    


Gold Prices/Rates/Fixes /Volumes – (Bloomberg)

The world’s top gold producers, Barrick Gold Corp and Newmont Mining Corp, both reported a sharp decline in their profits for the quarter.

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NEWS
Gold steady, set for best week since late – Reuters

Is gold set to accelerate higher? – MarketWatch

Gold braced for renewed haven boost – Financial Times

COMMENTARY
Gold futures higher ahead of U.S. GDP release – MarketWatch

Gold Climbs To Three-Week High In London On Stimulus Speculation – Bloomberg

Stephen Flood

Stephen Flood is the CEO of GoldCore. He is a former Wall Street equity trader and FinTech expert. He has been involved in the precious metals markets since 2004 and has appeared as an expert contributor on CNBC, CNN, BBC, RTE & Bloomberg TV and has had articles published in the Irish Times, Irish Independent and The Sunday Business Post.

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