physical metals

Spot gold has rallied to begin the week amid Eurozone worries. The metal is testing the $1600 level as a break above could trigger buy stops.
The yellow metal hovered near $1599 as comments from a European Central Bank member saw fresh buying enter the market. ECB council member Bundesbank President Jens Weidmann said on Tuesday that eurozone debt crisis was not over and that the central bank would continue policies that promote growth and stability in the single currency bloc "as long as necessary."

Spot gold was looking like it could breach $1530, but a late day turn around saw buyers push the metal back above $1560.

Spain was the major focus as both Italian and Spanish bonds slumped on Wednesday amid growing fears over the cost of propping up Spain's fragile banking sector. The euro/usd pair has not found any type of floor as the single currency plummeted to below 1.2400 for the first time in almost 2 years. Spain’s ailing banking sector and soaring borrowing costs has investors nervous and jittery.

Precious metals remained in a holding pattern as gold traded in a tight range ahead of the FOMC minutes and Ben Bernanke’s speech.

Spot gold sold off to $1625 after the FOMC policy statement did not specifically allude the need for additional quantitative easing (QE3) in the near-term, but quickly recovered shortly thereafter as bargain hunting emerged on the price decline. Some highlights of the FED statement are...

Spot gold flirted with breaking $1600 in yesterday’s trade as commodity wide liquidation was felt through-out. The metal held $1612 and traded to an intra-day high of $1634 in today’s trade.

Rather subdued day on the markets after yesterdays push higher by Federal Reserve chairman Ben Bernanke's comments on accommodative monetary policy, while a softer euro limited gains. Spot gold tried its hand at $1700, falling just short.