After bottoming at $870 at the open of London trading yesterday, gold finally decided it was time to add some value, and it moved slowly but steadily higher from there to the close of the NYMEX, after which it leveled off and cruised into a finish at $886.10/oz., up $8.80. For the week, gold gave up 4.1%.
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.
Gold futures closed at $899.90 an ounce Friday, the highest level in close to a month, gaining 1.6% on the week as lackluster economic data increased the precious metal’s appeal as an inflation hedge.
Gold pushed higher in the far East and London, but slacked off at the open of the New York session on Tuesday, falling in the first hour, then trading sideways for the rest of the day, and finishing at $928.00/oz., up $3.30. Overnight, gold has been pushing higher.