Today’s AM LBMA Gold Price was USD 1,083.75, EUR 990.042 and GBP 699.89 per ounce.
Yesterday’s AM LBMA Gold [14] Price was USD 1,101.65, EUR 1003.69 and GBP 705.91 per ounce.
[15]
Gold in USD - 1 Week
Gold fell $5.20 or 0.3% to $1,088.70 per ounce and silver was down 15 cents to $14.65 per ounce yesterday.
Today, gold in Singapore was hammered lower in another bout of concentrated selling and gold bullion in Zurich [16] moved slightly lower.
This morning in European trading, silver for immediate delivery fell 1.3% to $14.57 an ounce. Spot platinum fell 0.5% percent to $977 an ounce, while palladium fell 0.16% percent to $619 an ounce.
[17]
Gold in EUR - 1 Week
Gold failed to maintain an early rise yesterday, slipping to a new multi-year low in New York trading hours before extending those losses overnight.
If gold ends down again today, it will have fallen in 9 out of ten sessions over the last couple of weeks.
Gold has fallen in all currencies this week. It is down 4.4% for the week and looks like it may have its biggest weekly drop since October. It has fallen for five weeks in a row, its longest such run of losses since late 2012.
On a monthly basis, gold is down 7.6% in dollar terms so far in July, their biggest monthly loss since June 2013.
[18]
Gold in GBP - 1 Week
Investors are dumping billions of dollars worth of gold, commodities and emerging market assets in a wave of "capitulation" selling, Bank of America Merrill Lynch said today as reported by Reuters.
Gold and copper prices have hit five and six year lows respectively this week. Funds flows data showed the biggest outflow from precious metals in four months and emerging market fund outflows reaching $10 billion over the last two weeks.
"Capitulation is beginning in emerging markets, resources and commodities," BAML analysts wrote. The receding threat of Greece crashing out of the euro has helped deflate safe-haven demand for gold, while the likelihood of a U.S. interest rate hike this year has spooked emerging markets.
Gold and silver are oversold on a host of indicators and due a bounce. Smart money is again accumulating on the dip and we have had a busy week - with some a small amount of concerned selling but more clients adding to allocations on the current price dip.
Capitulation tends to be a good time to allocate funds by dollar cost averaging into weakness.
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