Speculation about possible IMF gold sales, a slightly stronger dollar and gains in equity markets all conspired to pressure the price of gold which only managed to bounce back in late trading once stock markets had reversed some of their gains. Overall gold lost $8.08...
Spot Gold – Daily Gold Prices 30th April 2009
Spot gold moved higher yesterday on the back of a weaker US dollar and a continued strengthening in crude oil prices, gaining $3.71 to settle at $894.31/oz, but failing to capitalise on the flight to quality, as equity markets strengthened, capping any gains in later...
Spot Gold Price – Gold Chart 29th April 2009
Reasons for yesterday’s sell off in spot gold prices range from worries about swine flu, technical selling as stops were triggered once the price fell below the $900 per ounce price point, struggling sales in India – gold buying for this year’s Akshaya Tritiya festival...
Spot Gold Prices – Daily Spot Gold Chart 28th April 2009
Yesterday’s stronger dollar was probably one of the reasons for the pullback in spot gold prices which finished $6.87 down on the day. The stronger dollar was caused in part by remarks made by ECB member and Head of Austria’s Central Bank, Ewald Nowotny, who...
Spot Gold Prices – Demand For Five Tael Biscuit Increases 27th April 2009
The move by the spot gold price through the psychologically important $900 per ounce level last Thursday, was reinforced on Friday by a combination of both technical and fundamental factors. China’s announcement that it now holds over 1000 metric tonnes of gold reserves, up from...
Spot Gold Prices – Daily Gold Chart 24th April 2009
Not unsurprisingly investor fears and worries are continuing to push up spot gold prices which yesterday crossed the psychological $900 per ounce price point as I outlined in yesterday’s market commentary, closing the day above both this level and also the 9 and 14 day...
Spot Gold Prices – Gold Chart 23rd April 2009
Continuing worries in the financial sector and nervousness about the forthcoming results of the bank stress tests combined with a lower dollar all helped the spot gold price to move higher yesterday. Gold prices were also given a boost by some short covering and inflation...
Spot Gold Prices – Gold Chart 22nd April 2009
Yesterday was indecisive from a technical perspective, providing little in the way of clues to the future direction of spot gold prices, ending the day with a failed attempt to move marginally higher and closing just on the 9 day moving average which has now...
Spot Gold Prices – Daily Gold Chart 21st April 2009
Renewed concerns about the health of the US banks and rumours about a suspect blog purporting to have the stress test results for the banks spooked the markets as investors dumped stocks, thereby triggering short covering as they returned into the arms of safe haven...
Spot Gold Price – Gold Chart 17th April 2009
Yesterday we saw a sharp fall in the price of spot gold as safe haven interest waned following relative stable equity markets as investors decided to take profits, a trend we saw continue in overnight trading with gold futures also suffering from a bout of...
Spot Gold Prices – Gold Chart 16th April 2009
Trading yesterday was once again contained in a very narrow range with both the high and the low of the day sitting squarely between the 9 day and 14 day moving averages, as for Tuesday. In this case we had a small up day with...