After a 7 day rally precious metals took a breather consolidating. The yellow metal touched a 2 month high yesterday of $1674 on the back of a much stronger euro and quite possibly further quantitative easing at the next Fed meeting.
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Aug 27 2012 09:12AM
Aug 22 2012 09:36AM
Precious metals jumped to their highest level in 2 months on speculation that European Central Bank may take further steps to stop the Eurozone debt contagion.
Aug 20 2012 17:32PM
Spot gold edged higher to its top end of its trading range to $1621 as there were renewed hopes of QE3 with the Fed minutes being released this week.
The yellow metal was in rally mode touching a high of $1622, the metal has traded in a much tighter range within the last few weeks with the FOMC minutes on tap for Wednesday.
"Technically speaking, both gold and silver are trading in tighter ranges of late with the market perhaps gearing up for a more significant move, perhaps in early September" said Standard Bank.
Aug 20 2012 17:26PM
Spot gold back tracks amid positive U.S consumer sediment. The metal continues to be driven by the perception that further monetary stimulus from the US is likely from the US at the next Federal Reserve meeting.
Aug 16 2012 16:36PM
Spot gold edged higher to its top end of its trading range to $1621 as there were renewed hopes of QE3 with the Fed minutes being released this week.
The yellow metal was in rally mode touching a high of $1622, the metal has traded in a much tighter range within the last few weeks with the FOMC minutes on tap for Wednesday.
"Technically speaking, both gold and silver are trading in tighter ranges of late with the market perhaps gearing up for a more significant move, perhaps in early September" said Standard Bank.
Aug 14 2012 17:27PM
What will be a busy week started with positive U.S data which took spot gold lower below $1600, before bouncing back before the New York close.
Aug 13 2012 16:43PM
A quiet day on the trading front as precious metals drifted lower on a lack of economic data and market making news.
Spot gold turned lower on a lack of fresh news and the yellow metal dipped to $1617, while QE3 remains on the table, the metals have been well supported. Tomorrow starts a deluge of U.S reports that will set the stage for whether or not QE3 will be introduced come September 12th - 13th fed meeting.
Aug 08 2012 17:01PM
Precious metals experienced profit taking after 3 straight days of gains. Spot gold broke lower to $1604 only to recover.
Aug 07 2012 15:59PM
The market continues with the momentum from Friday as Monday saw broad based gains as well as Tuesday followed Monday. Sounds like a nursery rhyme.
Spot gold rallied to $1618 as it would appear risk is on after comments from Boston Fed president Eric Rosengren, who said in a speech, “If there’s a slowdown and you have an independent central bank, the appropriate response is to act" The next Fed meeting is scheduled for September 12-13 at Jackson Hole.
Aug 03 2012 15:33PM
So yet another Non-farm payrolls has come and gone, the fireworks were set to a minimum. The initial reaction was a sell-off, which we thought but that didn't hold and gold rallied to $1607.
The US data showed that 163K jobs had been created in July; this was by far the best month since February and clearly beat the forecast of 101K. The June figure was revised down to 64,000 from 80,000 which leaves the 163k to 147k. Expect another revision for August.
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