Spot gold fell sharply below $1575 as Fed Chairman Ben Bernanke did not give any hints of further quantitative easing.
The metal remained firm in early trade prior to the "speech" as European markets saw the yellow metal trade to $1599 unable to break the key $1600 level. Chairman Bernanke gave his semi-annual monetary policy statement and fielded questions from Congress in Washington DC. Some of the Chairman's highlighted speech....
Precious metals across the board rallied on renewed hope of QE3 as poor Chinese data and a Moody's downgraded of Italian debt by two notches today would lead to further stimulus.
Another wild session in the precious metals markets, after both spot gold and silver languished on their lows of $1554 and $26.48 respectively the metal rallied back in the afternoon session as short covering dominated the market.
Another quiet day on the metals market with light volume as spot gold look to trade well above $1600 before better than expected U.S data took the metal sharply lower.
Spot gold opened the week slightly higher to $1590 after Friday risk off day took the metal to $1575. Traders remain on the sidelines with QE3 "off" the table for now.
Spot gold slipped $30 to $1577 as the disappointing jobs report wasn't disappointing enough to traders for them to feel the feds will act with QE3 any time soon.
Spot gold edged lower despite a number of rate cuts by China, ECB and the Bank of England. The metal dipped below $1600 briefly before rallying back.
As the new quarter kicks off precious metals across the board are in rally mode, spot gold jumped $25 to $1625, spot silver followed suit and pushed through $28.00 to trade as high as $28.48.
One only can be described as one very ugly day in trading yesterday. Spot gold shed $30 to drop to $1548, while silver lost its shine to drop to $26.13, before recovering in the overnight session as finally a deal was reached to save the Eurozone banks.
Spot gold slipped to session lows amid better than expected U.S data which dents the possibility of QE3. The metal found support to bounce back and test $1580 it what can only be described as a wild choppy day.
Spot gold made new weekly lows testing $1562 as traders sold positions after U.S durable goods orders rose 1.1%. That was well above economist's forecasts for a 0.5% increase.
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