Submitted by FMX Connect
October Gold settled at $1245.60 per 100 troy ounces on Monday, a net gain of of $.60 for the day.
October gold was up an eye-brow raising $10.40 to $1256 per 100 troy ounces as of 8:10 AM EST, this morning. The September U.S. dollar index was up .044 to 82.23. October platinum was up $21.70 to $1571.60 per 50 troy ounces. December silver was up 19.4 cents to $20.07.
FMX Morning Newswire
Bloomberg (Reported 9/14/2010)
“Gold climbed in London as weaker German investor confidence stoked concern the economic recovery is stalling and as yesterday’s decline in the dollar boosted demand. Silver reached a 2 1/2-year high and palladium gained.
The dollar was 0.3 percent higher against the euro as a report showed German investor confidence fell more than economists forecast to a 19-month low in September. The greenback yesterday dropped 1.6 percent, the biggest decline in almost two months. Gold, which typically moves inversely to the U.S. currency, last week reached a two-month high of $1,262.45 an ounce and is trading 1 percent below a record.” Gold Advances on Weaker German Confidence; Silver Climbs to 30-Month High
NS Futures (Reported 9/14/2010)
“While the bull camp might suggest that some of the overnight gains are the result of lower gold production from Russia overnight, the market might be garnering most of its lift from a return of macro economic uncertainty. However, seeing Russian gold production for the first 7 months of 2010 declined by more than 3% is certainly supportive, but the gold market recently hasn’t been overly interested in supply side developments.
While equity market in Asia were mixed, stock markets in Europe are generally weaker this morning. U.S. stock indices have moved moderately lower during the early Tuesday trade.” Daily Metals Commentary
Reuters (Reported 9/14/2010)
“Gold was set for its largest one-day rise this month on Tuesday, in line with a pickup in other safe-haven assets as the U.S. dollar fell broadly, while silver nudged at two-year highs.
Palladium, used predominantly in autocatalysts, struck four-month highs as a combination of fund buying and growing prospects for industrial demand lifted prices.” Gold Rises as Safe-Haven Bid Resurfaces