Gold bottomed at $883 just after the open of London trading on Monday, moved higher in fits and starts until noon, then sagged from there through the Globex, finishing at $890.30/oz., up $4.20 from Friday. Overnight, gold has been trending higher.
Gold hung in at $900 until London opened, then declined modestly until about an hour into the New York session, after which it was hammered, falling as low as $873 before making a small comeback during the Globex to finish at $877.00/oz., down $22.90. Overnight, gold has been flat.
Gold, which was up a bit in the far East, plummeted from $910 to $889 once London opened, but from there it forged higher through the New York trading day, to finish at $899.90/oz., down $4.40. Overnight, gold has continued to decline.
Silver prices for immediate delivery fell by 1.4% in London today, while platinum fell 3.9% and palladium dropped by 2%. Gold also fell for the second day running. This from Bloomberg.
Silver for immediate delivery fell 24 cents, or 1.4 percent, to $17.19 an ounce in London. The metal will trade at $17.20 in one month and $16 in three months, UBS forecast.
Commodities are governed by supply and demand – more than any other variable. Just take a look at the precious metals bull market we’ve enjoyed since 2001.
Gold prices have been making gains on the back of crude’s ascent and are up for the third week in a row in London trade. This from Bloomberg:
Gold advanced in London, heading for a third consecutive weekly gain, as rising crude-oil prices spurred demand for the metal as a hedge against inflation. Silver and platinum also climbed.
Crude oil traded in New York has jumped 37 percent this year and reached a record yesterday.
Gold peaked at $935 in Hong Kong, and declined from there pretty steadily, right through the NYMEX session on Thursday, before edging a bit higher in the Globex and finishing at $920.40/oz., down $11.40. Overnight, gold has edged higher.
Gold was flat from the far East straight through London trading on Tuesday, but it took off in the second hour of the New York session, shooting as high as $923.40 before tailing off after the noon hour and finishing at $919.00/oz., up $13.60. Overnight, gold has been pushing higher.
Gold was up from the far East through the first half of the London market on Monday, declined in New York from the open to the noon hour, but then bounced decisively off of $900, and registered a gain for the day at $905.40/oz., up $3.80. Overnight, gold is little changed.
Gold held steady above $880 through Hong Kong and the early London market yesterday, then started up and continued steadily up for most of the day, moving past $900, and recovering from each bout of selling to finish at $901.60, up $21.20.
