Gold climbed on Tuesday after data showed the U.S. manufacturing sector grew more than expected in August, lifting appetite for assets seen as higher risk, such as commodities, and boosting inflation fears.
“If gold is ‘past its day’, what of toxic derivatives and today’s deluge of US Treasury bonds…?” Just like poor Pip Dickens’ Great Expectations, central banks keep inheriting unwelcome bequests.
Gold and silver prices climbed to their highest in seven weeks on Monday, as the dollar’s slide to its lowest since mid-December boosted interest in hard assets.
Gold traded sideways through Hong Kong then shot north at the London open and remained range-bound between $951 and $953 for the rest of the day, finishing at $951.60/oz., up $3.60. For the week, gold is up 1.5%.
Gold didn’t do much through Hong Kong and London then showed some volatility in Comex trading, reaching an intraday high above $957 around 1 p.m. in New York and tumbling down from there through the Globex, finishing at its intraday low of $948.00/oz., down $3.10. Overnight, gold is little changed.
Gold got off to a slow start in Hong Kong and trended down through London but shot up around 11 a.m. in New York, hitting its intraday high near $955 two hours later. From 1 p.m. through the Globex close, the yellow metal retreated somewhat, finishing at $951.10/oz., up $2.10. Overnight, gold is trending higher.
Gold traded sideways through Hong Kong and most of London then surged up to an intraday high of $953 at around 9 a.m. in New York only to completely erase the gains less than an hour later. From 10 a.m. through the Comex close gold showed a steep downward trend but reversed course and made up most of the day’s losses on the Globex, finishing at $949.00/oz., down $0.10. Overnight, gold has moved lower.
Gold had another uneventful day. The slight downward trend that developed in London was erased before 10 a.m. on the Comex and the yellow metal stayed flat from there, finishing near where it started, at $937.70/oz., up $0.70. For the week, gold is up 2.7%.
Gold traded mostly sideways yesterday. Apart from a $10 jump up towards the end of Comex trading and then an equal slide down early on the Globex, it was a tame day. The yellow metal closed at $912.30/oz., up $3.20. Overnight, gold is trending lower.
Gold was quiet until the mid-point of London trading on Wednesday, but then commenced a long, steady decline that didn’t bottom until about 1 p.m. in New York, at which point it bounced off of $905 and inched a bit higher through the Globex to finish at $909.10/oz., down $15.00. Overnight, gold is edging higher.
