Today’s AM LBMA Gold Price was USD 1,216.30, EUR 1,071.23 and GBP 772.95 per ounce.
Yesterday’s AM LBMA Gold Price [9] was USD 1,214.75, EUR 1,063.59 and GBP 768.91 per ounce.
This week, gold and silver are 2.5 and 7 per cent higher respectively and indeed gold and silver has seen gains in all major currencies.
[10]- Gold in USD - 1 Week
Gold consolidated on Wednesday’s strong gains yesterday and rose $7.00 or 0.58 percent to $1,221.80 an ounce, and silver climbed another $0.32 or 1.87 percent to $17.43 an ounce.
Gold in Singapore [11] near the end of day trading was steady at $1,220.70 an ounce. Gold hovered near a 3 month high today and looks on track for its largest weekly gain in four months as economic data point to a sluggish U.S. economy and a likely delay in the U.S. Fed's interest rate hike.
[12]- Gold in GBP - 1 Week
The weekly gains in all major currencies and the strong move through the resistance at the 100 day and the 200 day moving averages (sma) is bullish technically and bodes well for next week.
Gold surged through its 100-day moving average at $1,210 per ounce like a knife through butter on Wednesday after it rallied sharply on the poor retail sales. The 100 day moving average was a level it hasn't managed to convincingly break above since mid February. Gold continued its gains and then rose above the 200 day sma at $1,218.50 and it closed above that level again yesterday at $1,221.80 per ounce.
Premiums in Asia have pulled back a bit but are still selling above the global benchmark rate by $1 an ounce. All the data shows that demand in China and India remains very robust.
[13]- Gold in EUR - 1 Week
India, the world's biggest gold consumer, has imported 60 tonnes of bullion in the first two weeks of May alone, Bloomberg TV reported on Friday quoting India’s Revenue Secretary, Shaktikanta Das.
The country imported a very robust 111 tonnes in April as it celebrated the key Akshaya Tritiya festival, when it is considered auspicious to buy gold, the channel reported, quoting Das.
Global gold demand eased 1 percent in the first quarter, the WGC have reported as a drop in Chinese jewellery demand narrowly outweighed a recovery in Indian buying and Western appetite for bullion-backed funds.
India's total gold demand rose 15 percent to 192 tonnes in the first quarter, WGC's quarterly demand report showed.
Silver’s nearly 7 per cent gains means that it is set for its biggest weekly gain in two months. Platinum is on track for a third consecutive weekly gain, but palladium looks to have a weekly decline.
In late European trading gold is down 0.37 percent at $1,216.46 an ounce. Silver is off 1.20 percent at $17.29 an ounce and platinum is down 0.41 percent at $1,154.00 an ounce.
The yellow metal is being supported by jittery bond markets, rising bond yields and dollar weakness this week.
Recent economic data, including the retail sales number Wednesday, has been negative. This is contributing to volatility in bond markets and some selling pressure in equity markets.
There are increasing concerns about the economic outlook globally and rumblings in the bond market are a harbinger of market volatility and potentially stock and bond market crashes in the coming months.
Breaking News and Research Here [14]
www.goldcore.com [15]