MARKET UPDATE
Today’s AM LBMA Gold Price was USD 1,228.15, EUR 1,079.41 and GBP 784.12 per ounce.
Friday’s AM LBMA Gold Price [5] was USD 1,216.30, EUR 1,071.23 and GBP 772.95 per ounce.
[6]- Gold in USD - 1 Week
Gold climbed $3.10 or 0.25 percent to $1,224.90 an ounce on Friday, and silver rose $0.10 or 0.57 percent to $17.53 an ounce.
Gold and silver both performed strongly for the week - gold gained 3 percent and silver outperformed once again and surged 6.4 percent.
Gold in Singapore [7] rose to $1,232.20 an ounce near the end of day trading - its highest price since February. In London, gold climbed for its fifth consecutive session making it the longest winning streak since March.
[8]- Gold in GBP - 1 Week
Silver was up 1.3 percent at $17.80 an ounce, while platinum was up 0.4 percent at $1,174.50 an ounce and palladium was flat at $795 an ounce.
Asian shares were mixed as are European shares today on Grexit and bond market jitters. These risks do not appear likely to recede anytime soon and this should keep gold supported. The weaker dollar and expectations that the U.S. Fed will not raise interest rates in June is also supporting the precious metals.
[9]- Gold in EUR - 1 Week
Recent poor economic data is leading to concerns about the health of the U.S. economy as U.S. share prices look “toppy” and remain near historic all time record highs.
The U.S. FOMC April meeting minutes are released on Wednesday and may provide further clues on the possible timing of the Fed’s first interest rate hike in ten years.
Norilsk Nickel and other investors aim to complete a purchase of palladium bullion from Russia's central bank by the end of 2015, deputy chief executive Pavel Fedorov said today. It outlined the deal last year and is still working to get it done.
London Platinum Week kicks off today after a few preliminary events over the weekend.
At the opening of the annual industry gathering, the World Platinum Investment Council [10] said in a report it expected the platinum market deficit to shrink this year and platinum stockpiles to reach the lowest level in at least 10 years.
Above-ground stocks will fall to a very small 2.6 million oz in 2015, according to the WPIC. That compares with a peak of 4.5m in 2010, 2011, Director of Research Trevor Raymond told Bloomberg on the phone.
The WPIC do not believe that platinum stocks will be completely depleted and reach zero because the amount includes long term holdings by private investors, sovereign wealth funds and hedge funds. It said that stocks typically held in vaults, excludes ETFs.
Overall demand is set to to grow 3% to 8.2million ounces. The market will see a deficit of 190,000 in 2015, down from earlier prediction of 235,000, report showed. Total supply should increase 10% to 8 million ounces. Mine supply is seen up 12% and autocatalyst recycling may rise 10%.
Reuters reports that producers, refiners, recyclers, traders, bullion brokers and analysts are gathering in the UK capital to make contacts, strike deals, and discuss the state of a market that has been weighed down by falling prices for much of the last year.
GoldCore are in attendance in London this week and available for meetings and interviews.
In late morning London trading gold is at $1,229.45 an ounce or up 0.48 percent. Silver is at $17.67 an ounce or has surged 1.14 percent and platinum is up 0.58 percent at $1,169.54 an ounce.
Storing Bullion? 7 Key Must Haves [11] - GoldCore
Breaking News and Research Here [12]