Gold saw a gain of $2.75 at $1215.25 at around 5AM EST before it fell to see an over $10 loss at $1202.10 by late morning in New York, but it then spiked back higher in the last couple of hours of trade and ended with a loss of just 0.025%. Silver climbed almost 1% to $18.62 and fell to as low as $18.22 before it also bounced higher in late trade, but it still ended with a loss of 0.54%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 28 May, 2010
This morning the Gold Fix was set at $1,214 and the gold price 2 ½ hours after it, is $1,214. The gold price has moved away from the influence of currencies for now at least and is walking its own road. The gold price didn’t fall on the signing of the Spanish austerity measures. Full Story
Gold is up marginally on the day and the late day rise may be due to the downgrading of Spain and to geopolitical concerns with a North Korean general warning of “all out war” if any accidental clashes with South Korea break out. The Spanish downgrade has seen the euro fall again and will do nothing to ease sovereign debt and euro currency concerns. Full Story
Gold climbed $5.13 to as high as $1218.23 in Asia before it fell back in London to as low as $1205.60 by about 8:30AM EST and then rallied back higher for most of the morning in New York, but it then fell back off in the last couple of hours of trade and ended with a loss of 0.05%. Silver climbed to as high as $18.548 by about 11:15AM EST before it also fell back off into the close, but it still ended with a gain of 0.82%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 27 May, 2010
Each day this week the London Fix has increasingly dominated the gold price. It is trading at the same level as this morning’s fix, still. This has moved the emphasis from currency relationship to a more comprehensive reflection of the state of the world’s financial systems. Silver is creeping up from $18.00 to $18.33 in pursuit of a closer relationship with the gold price. Full Story
THE PRICE OF PHYSICAL GOLD in wholesale dealing slipped from an early 6-session high in London on Thursday, ticking back to $1207 an ounce but remaining 3.1% higher for May-to-date. Full Story
By: Chintan Karnani, Insignia Consultants - 27 May, 2010
One bad news story after another comes for the stock markets as speculation that China may review investments in European government bonds spurred concern the credit crisis will worsen. Full Story
Gold traded about 0.5% higher in Asia and rose to as high as $1214.75 by about 6AM EST in London before it dropped back to around $1210 in early New York trade, but it then rose to a new session high of $1216.40 by about 11AM EST and ended with a gain of 1.35%. Silver climbed to as high as $18.317 in London before it also pared its gains a bit, but it then rose to a new high of $18.39 by late morning in New York and ended with a gain of 2.7%. Full Story
THE PRICE OF GOLD in wholesale dealing rose throughout Asian and London trade on Wednesday, touching 1-week highs above $1215 an ounce as world stock markets bounced from their recent plunge. Full Story
While risk appetite has increased overnight in Asia and in Europe this morning (as seen in buoyant equity markets) it would be wrong to interpret this as a sign that the worst is over. Market sentiment remains fragile with continuing jitters over sovereign debt and currency markets, and over Europe's banking system. Pan-European sovereign credit default swaps are back to prices not seen since the €750 billion eurozone bailout package. While dollar Libor rose for the 11th day yesterday and euro basis swap figures showed that the cost to swap euros for dollars has now gone to the highest level since December 2008, showing the renewed fragility in the financial system. Full Story
By: Chintan Karnani, Insignia Consultants - 26 May, 2010
Technically gold now is set to break $1252 and near $1300. Option expiry is over and sellers of put options have more or less hedged their positions. Silver has underperformed gold and can rise anytime to $1940 and $2100 as long as it trades over $1711. This is just a technical picture that is being formed. Full Story
Gold fell $7.35 to $1186.15 in Asia, but it then rallied back higher in London and New York and ended near its late morning high of $1200.13 with a gain of 0.29%. Silver fell to as low as $17.515 by about 10AM EST in New York before it rallied back higher into the close, but it still ended with a loss of 0.95%. Both metals have surged to new highs in after hours access trade at the time of writing. Full Story
THE PRICE OF GOLD in wholesale dealing rose against all currencies on Tuesday, breaking above $1200 an ounce as world stock markets sank for the third time in 5 sessions. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 25 May, 2010
Asia didn’t chase prices, but held them high at $1,190 as the € dropped to new recent lows at $1.22:€1. The market feels solid and disinclined to fall. All eyes are on the Spanish government bonds auction today to see if the contagion is spreading. Full Story
Gold's safe haven qualities are again being seen after its higher close yesterday despite falling US equity indices and it remaining robust today (down 0.4% in USD terms) despite sharp falls in Asian and European indices. Full Story
By: Chintan Karnani, Insignia Consultants - 25 May, 2010
The euro continues to fall and there is uncertainty over the unilateral action taken by Germany last week on the naked ban on short selling of bonds and certain securities last week. The euro issue will end in a day or a few weeks. It will take its own time. In our view the inverse relation between gold and euro/usd will continue for the rest of the week. Full Story
Gold climbed to as high as $1190.85 in late Asian trade before it fell back to $1181.85 in London, but it then rose to a new session high of $1195.40 in New York and ended with a gain of 1.51%. Silver climbed to as high as $18.04 in late Asian trade before it fell back to almost unchanged at $17.698 in London, but it then rose to a new session high of $18.052 in New York and ended with a gain of 2.04%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 24 May, 2010
Friday saw the market find support, making Asian demand pay up for their gold. Remember, it is a global market where developed world events don’t rule. Asia took the gold price back up to $1,190 before London opened on Asian long-term investment demand. Gold’s Friday a.m. Fix was $1,183.50, today $1,183.75 with London continuing to dominate the gold markets across the world. Silver rose to $17.86 before New York opened. Full Story
THE PRICE OF GOLD in all currencies ticked higher in Asia on Monday, briefly touching $1190 an ounce before easing back in London as a rise in Asian stock markets failed to spur European equities. Full Story
Gold fell 1% on Friday to finish the week with a 4% loss. It rose from $1,179/oz to $1,191/oz in Asian and early European trading this morning before giving up some of those gains. Gold is currently trading at $1,186/oz and in euro and GBP terms, at €955/oz and £822/oz respectively. Full Story
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