SPOT GOLD PRICES for physical metal rose steadily overnight in Asia and London on Friday, bouncing 2.8% from yesterday's 11-month low to touch $758 an ounce as world stock markets also ticked higher. Full Story
Gold was down again yesterday and fell to new 11 month lows at $742. Gold recovered in afterhours electronic trading and in Asian and early European trading today it has risen to over $755/oz. The dollar has fallen from recent highs against the euro of 1.3879 to less than 1.41 and oil has risen again on fears that Hurricane Ike may do more damage than expected to oil production facilities in the Gulf of Mexico. Full Story
By: Chris Mullen, Gold-Seeker.com - 11 September, 2008
Gold remained near unchanged around $758 in Asia and fell to as low as $736.45 by about 10AM in New York before it rebounded a bit in the last few hours of trade, but it still closed with a loss of 2.25%. Silver rose about 0.5% to $10.913 and dropped to $10.246 in New York before it closed over 2% off that low with a loss of 3.46%. Full Story
By: Peter A. Grant and Randy Strauss, USAGOLD - 11 September, 2008
Gold has tested below the 750/745 support level as the dollar ascended to a one year high. Oil prices extended slightly lower as well, adding further weight to the yellow metal. I'm posting the morning report in the afternoon because the phones have been ringing off the hook since I first walked in the door this morning. All of those calls were clients looking to buy gold. Nobody was selling. Full Story
THE PRICE OF GOLD fell yet again early in London on Thursday, slumping from an overnight floor of $756 to reach a new 11-month low at $739 per ounce. Full Story
Gold's sell off continued yesterday and gold has fallen to new 11 month lows. Gold recovered slightly in Asian trading before a further sell off in early European trading. Gold remains under serious pressure as the dollar's rally has continued with the dollar reaching a 1 year high against the euro of $1.3890. Meanwhile, oil has fallen again and NYMEX sweet crude is now near the psychological $100 level. Full Story
By: Chris Mullen, Gold-Seeker.com - 10 September, 2008
Gold traded almost 2% lower near $775 in Asia and London and rose to see a less than $5 loss at $783.65 a little after 9AM EST in New York, but it then fell back off to a new low of $757.85 by a little after noon and ended near that low with a loss of 3.78%. Silver traded as high as $11.597 and fell to as low as $10.73 before it closed with a loss of 6.79%. Full Story
Tuesday's late drop in oil below the $100 per barrel psychological barrier dragged gold through nearby support at 772.70/65. However, downside follow-through has been limited by today's announcement that OPEC would reduce oil production by 520,000 barrels per day. Full Story
THE PRICE OF GOLD sank in Asia early Wednesday, falling 2.5% from the New York close to bounce off an 11-month low and hold around $774 in the first-half of London dealing. Full Story
There is simplistic reporting and constant references to how gold has fallen 25% from its 'peak' and failure to point out however that gold remains up by more than 18% since the start of the credit crisis - unlike the vast majority of asset classes. This is likely a good contrarian indicator that we are near to a low in this recent correction. Full Story
The fall in commodities is due to hedge funds exiting commodities and investing in equities and treasuries. Commodities are all about alternate investment. Commodities had gained this year due to lack of alternate investment and the slide in equity markets. If equity markets rise then funds will reflow back into equities which will result in commodities falling. Its less than two months before the US presidential elections are over. Full Story
By: Chris Mullen, Gold-Seeker.com - 9 September, 2008
Gold rose $5.85 to $805.00 and silver climbed 21 cents to $12.19 in London before both metals fell to as low as $776.25 and $11.49 by midmorning in New York, but both metals bounced about 1.5% from those lows in the last couple of hours of trade and gold ended with a loss of 1.34% while silver closed with a loss of 2.84%. At the time of writing both metals have fallen to new lows in after hours access trade. Full Story
Gold has fallen back below the $800 level, weighed by further weakness in oil and a persistently firm dollar. Offering support to the yellow metal is strong physical demand from both the jewelry and investment sector. Full Story
Silver, copper and crude oil have fallen while gold remains firm. Silver has been caught between gold and base metals. Lower global growth for the rest of 2008 will reduce demand for base metals. This has reduced investment interest. The base in base metal prices over the past one year tells the extent of investment interest that commodities have. Nickel. Full Story
By: Chris Mullen, Gold-Seeker.com - 8 September, 2008
Gold rose $19 to $818.20 by early trade in New York before it fell to see a $2.45 loss at $796.75 by early afternoon, but it then rallied back higher in the last hour of trade and ended at about unchanged. Silver rose nearly 3.5% to $12.66 in Asia, but it then fell back off for most of the rest of trade and ended near its low of $11.88 with a loss of 2.1%. Full Story
Gold is maintaining a consolidative tone, trading above the $800 level, underpinned by evidence of heightened systemic risks and strong physical demand amidst tight supplies. The yellow metal continues to show great resiliency in the face of weak oil and a dollar buoyed by the announcement of the weekend that the government was stepping in to take control of Fannie Mae and Freddie Mac. Full Story
Gold surged at the open in Asia with news of the de facto nationalisation of the US’ mortgage giants in what amounts to the largest bailout in world financial history. It has since given up some of these gains in early trading in Europe due to more counter intuitive dollar strength which looks increasingly overbought. Full Story
THE SPOT PRICE OF GOLD whipped violently in Asian trade on Monday, shooting 1.8% higher after the US government nationalized the massive Freddie Max and Fannie Mae mortgage lenders, before giving back $10 of that move to trade at $808 an ounce by lunchtime in London. Full Story
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