By: Chris Mullen, Gold-Seeker.com - 8 August, 2008
Gold steadily fell throughout most of world trade and dropped to as low as $850.65 by about 10AM EST in New York before it rebounded nearly 1% into the close, but it still ended with a loss of 1.54%. Silver fell throughout the day and ended near its low of $15.245 with a loss of 5.76%. Full Story
By: Adam Hamilton, Zeal Intelligence LLC - 8 August, 2008
It’s been a tough few weeks for gold investors. In mid-July this Ancient Metal of Kings closed near $976, within spitting distance of its all-time nominal high of $1005 achieved in mid-March 2008. But since then it has sold off relentlessly, down 10.4% ($101) at worst. Several days of this ugly span were marred by sharp selloffs too, including this past Tuesday’s 2.2% plunge on the Fed’s machinations. Full Story
Gold has retreated deeper into the range that has dominated for the past three months. A surge in the dollar and softer oil prices have prompted a test of the June lows at 859.15/857.45. Full Story
The continuing rally in the dollar in recent days (has risen as high as EUR 1.5142 this morning) and the recent sharp fall in commodity and oil prices has seen gold come under further pressure and it looks set to test the next level of support at $845-$850. Full Story
The inverse correlation between the US dollar and precious metals was at full force yesterday and may continue today also. The market has shifted its focus to growth differentials from interest rate differentials, which is the prime reason for the US dollar’s gain. Full Story
By: Chris Mullen, Gold-Seeker.com - 7 August, 2008
Gold rose over $10 to $884.95 in Asia, but it then fell back off in early New York trade and closed near its low of $869.30 with a loss of 0.43%. Silver climbed over 20 cents higher to $16.673 by midday in London before it also fell back off in New York and closed near its low of $16.15 with a loss of 1.4%. Full Story
Gold is maintaining a consolidative tone, confined to the range that was established on Tuesday. Support offered by higher oil prices is being offset to some degree by a firm dollar. Full Story
The credit crisis continues as evidenced in the world's largest insurer, American International Group, reporting a quarterly loss of $5.36bn with profits wiped out by further mortgage related writedowns. In the UK house prices fell a further 1.7% in July as the decline in availability of mortgages, rising inflation and general economic uncertainty led to further falls in property prices. Full Story
Gold and silver fell yesterday but have managed to hold key medium term supports. Unless spot gold falls below $845 and remains below $845 for a week or two physical gold demand will rise with every fall. The direct correlation between crude oil prices and gold will continue in the absence of major market moving news. Full Story
By: Chris Mullen, Gold-Seeker.com - 6 August, 2008
Gold rose over 1% to $886.45 by midday in London before it dropped at the New York open to a thirty cent loss at $877.20 and then rebounded back to about a 0.5% gain at $882.35, but it then fell back off again into the close and ended slightly off its session low of $872.60 with a loss of 0.35%. Silver rose twenty cents to $16.75 and fell to $16.487 before it rebounded back to about a 0.5% gain at $16.634, but it also fell back off again and ended near its afternoon low of $16.40 with a loss of 0.57%. Full Story
Gold has firmed in the wake of Tuesday's Fed decision to hold steady on interest rates. An uptick in oil prices, along with a slightly easier dollar are helping to support the yellow metal. Full Story
With commodities and oil falling again yesterday, gold continued its recent poor performance. Gold suffered technical damage yesterday with a close below the 200 day moving average at $887/oz. A weekly close below $887/oz would be even more damaging. The short term trend remains down, however gold’s long term fundamentals remain sound and should result in gold remaining above strong support above the old resistance at the old all time nominal record high at $850. Full Story
The Federal Reserve kept its benchmark interest rate at 2% and signalled that weak employment and financial instability will delay any increase in borrowing costs. This says the Fed is on the hold for the rest of the year. The next move may be up, but it won't occur for a while. Full Story
By: Chris Mullen, Gold-Seeker.com - 5 August, 2008
Gold steadily fell throughout most of world trade and ended near its low of $875.75 with a loss of 2.43%. Silver also fell throughout the day and ended near its low of $16.527 with a loss of 3.39%. Both metals have continued to fall in after hours access trade in reaction to the fed’s statement. Full Story
Gold is maintaining a defensive tone as oil dropped below $120 bbl for the first time in nearly thee months. While crude prices will remain a major focus today, the Fed will also announce the target for Fed funds today at 14:15 EDT. Full Story
Gold has sold off on oil's steep falls and with sharp falls in many other commodity markets. The CRB Reuters Jefferies Commodity Index was down 3% yesterday, its largest one day sell off since last March (cocoa, natural gas and sugar were down sharply) and falling oil prices and a firmer dollar (back to 1.55 against the Euro) has led to gold's sell off. Full Story
By: Chris Mullen, Gold-Seeker.com - 4 August, 2008
After climbing to $915.40 in Asia gold then dropped to $898.40 by midday in London before it rallied back higher in early New York trade to trade near unchanged on the day, but it then fell back off again to a new low of $894.85 and ended almost $5 off that low with a loss of 1.03%. Silver rose to $17.62 and fell to $17.215 before it also rallied back higher in early New York action and traded near unchanged, but it too fell back off to a new low of $16.878 and ended about 25 cents off that low with a loss of 1.83%. Full Story
Gold has adopted a consolidative tone after trading in a rather choppy manner last week as the market keyed on mixed employment data. This week, focus will be on the central banks and interest rates. Full Story
THE SPOT PRICE OF GOLD fell 1% from a three-session high early in London on Monday, dropping below $906 per ounce ahead of a busy week for central-bank decisions on interest rates. Full Story
It’s a central bank week. We have the Federal reserve meeting, the European central bank, and the bank of England. I do not expect any surprises from them except soothing comments to stabilize the financial markets. Full Story
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