Gold Prices Hover, Trading Sluggish Ahead of Fed Meeting

Tyler Durden's picture


From GoldCore

Gold Prices Hover, Trading Sluggish Ahead of Fed Meeting

Gold’s London AM fix this morning was USD 1,632.00, EUR 1,240.97, and GBP 1,014.42 per ounce. Friday's AM fix was USD 1,640.00, EUR 1,246.30 and GBP 1,018.25 per ounce.

Silver is trading at $31.29/oz, €23.80/oz and £19.43/oz. Platinum is trading at $1,564.50/oz, palladium at $664/oz and rhodium at $1,350/oz.

Gold gained $1.20 or 0.07% in New York and closed at $1,642.00/oz on Friday. Gold initially traded sideways in Asia and then took a dip downward to $1,631.37. A slight bounce now shows gold near $1,632.69 in European trading. 

Gold fell 1% last week and a stronger dollar has weakened the demand for gold as an alternative investment.  The dollar gained strength against the euro as France’s Presidential elections have seen Sarkozy with only 27.1% of the vote behind Hollande’s 28.6% and Le Pen’s surprise 18.1%. Many people see the election as another disruption into a solution to the euro zone crisis. There is also the fear of a dangerous break of the Franco-German alliance if Sarkozy is ousted by a socialist. 

The IMF meeting ended yesterday and leading world economies agreed to more than double the lending power of the IMF in an effort to protect the global economy from the euro zone contagion. This was still short of Lagarde’s $600 billion goal.

The Netherlands  was drawn into the spotlight over the weekend when the government failed to agree on budget cuts, making elections nearly unavoidable and casting doubt on its support from future euro zone aid. 

Investors will watch the China HSBC manufacturing survey at 1430 GMT as a measure of the conditions of the world’s 2nd largest economy.  The Federal Reserve meets on Tuesday and Wednesday, and its statement on monetary policy is given on April 25th.  The Bank of Japan meets on Friday and is expected to ease again.

Trading is sluggish as the market waits for clues.

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Mon, 04/23/2012 - 07:36 | 2366238 HedgeAccordingly
HedgeAccordingly's picture

All the action is in US over night ---

 1360 hard line in the sand this morning... euro 1.3131 the low.. 

Mon, 04/23/2012 - 07:42 | 2366250 GetZeeGold
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You know the drill Pepe.............BTFD!


Isn't this fun?


Mon, 04/23/2012 - 07:39 | 2366245 westboundnup
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Mon, 04/23/2012 - 07:42 | 2366251 insanelysane
insanelysane's picture

Will the Fed get the balls to Ctrl-I instead of Ctrl-P???

Mon, 04/23/2012 - 07:44 | 2366253 tallen
tallen's picture

There is no Ctrl-Z to what the Fed has done.

Mon, 04/23/2012 - 08:11 | 2366304 Sudden Debt
Sudden Debt's picture

the standard tricks won't cut it anymore...



Mon, 04/23/2012 - 07:46 | 2366255 q99x2
q99x2's picture

Make it 600 trillion. Maybe it is a computer problem because of the high number. If not nobody's getting paid back anyhow, so who cares. Just make it work.

Mon, 04/23/2012 - 07:54 | 2366258 GetZeeGold
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Make it 600 trillion.


Fill in the blank _______000.000,000.



Mon, 04/23/2012 - 08:11 | 2366303 tocointhephrase
tocointhephrase's picture

What is the value of 0, nothing, so what is all those 000's after the 1, oh thats nothing as well :)

Mon, 04/23/2012 - 07:49 | 2366259 Silveramada
Silveramada's picture

you know they gonna today is a good day for buying gold&silver.

Mon, 04/23/2012 - 07:51 | 2366264 GetZeeGold
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If they don't Grammie is not gonna get her wouldn't cut off Grammie would you?


Mon, 04/23/2012 - 08:03 | 2366277 Silveramada
Silveramada's picture


no no...let grammie get all the financial crack she needs...keynesian cheap currencies

Mon, 04/23/2012 - 08:04 | 2366279 Muppet Pimp
Muppet Pimp's picture

For the love of God Ben, fire up those Heidelbergs!  Turn those machines back on!

Mon, 04/23/2012 - 08:05 | 2366283 JustObserving
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US debt is going up by $1.5 trillion a year and unfunded liabilities by $6.63 trillion a year.  They have to print.  If not now then in a couple of months.  Europe having its problems is helping the Fed.  But the Fed will have to print sooner or later.

Mon, 04/23/2012 - 08:08 | 2366290 Bastiat009
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In tough economic times, don't forget to sell gold ... and soon the sun will rise over California first.

Mon, 04/23/2012 - 08:14 | 2366311 GetZeeGold
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Sell gold and buy Euro bonds......tis the way to financial success Muppets!


Mon, 04/23/2012 - 08:13 | 2366308 savagegoose
savagegoose's picture

we need national tax strikes world wide


Mon, 04/23/2012 - 08:41 | 2366357 MFL8240
MFL8240's picture

The international con game plays on as the gansters fuck with Gold and Silver yet again despite the fact that THE SHITHOLE in London is running out of the metal.

Mon, 04/23/2012 - 08:44 | 2366366 GetZeeGold
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They only have the one play in the playbook.....what did you expect them to do?


Mon, 04/23/2012 - 09:12 | 2366383 Smiddywesson
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Mon, 04/23/2012 - 14:05 | 2367688 jmcadg
jmcadg's picture

They still won't print yet!
There will be a shit storm in Europe first. BOJ will ease on Friday and we'll see the FED come in once markets crap themselves.

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