-- Published: Monday, 18 April 2016 | Print | Disqus
Gold Today –Gold closed in New York at $1,233.90 down from Friday’s $1,225.20. On Monday morning in Asia, it picked up and rose to $1,238 before London pulled it back slightly to $1,235 before it was set at $1,237.70 at the LBMA price setting down from $1,229.75 on Friday.
The dollar index is lower at 94.60 down from 94.79 on Friday. The dollar is weaker against the euro at $1.1308 down from $1.1277 Friday.
The gold price in the euro was set at €1,094.53 up from €1,090.49 Friday.
Ahead of New York’s opening, the gold price was trading at $1,238.05 and in the euro at €1,094.84.
Silver Today –The silver price closed in New York at $16.23, up 10 cents on Friday’s close. Ahead of New York’s opening the silver price stood at $16.22.
Gold (very short-term)
The gold price will consolidate, in New York today.
Silver (very short-term)
The silver price will consolidate, in New York today.
The long awaited Doha meeting of oil producers failed to produce the result the markets had banked on. With oil prices now promising to fall further and Iran increasing production as fast as it can, there is little hope of oil prices rising this year. Consequently, the markets are falling across the globe.
Both the dollar and the euro continue to remain at last week’s levels in quiet markets. Gold is trying to rise as uncertainties levels have jumped after Doha. We expect gold to trade in a narrow range at least in the early part of the week.
Tomorrow we see the start of the Yuan Gold Fixing in Shanghai. To get the price in dollars, one will have to take the SGE gold price and multiply it by 32.1507465 to get a price per ounce. Then divide this price by the $: Yuan exchange rate at the time of the Fix.
We discuss these in our newsletters – subscribe now!
Gold ETFs - We saw more large purchases of 5,647 tonnes, after last week’s big sales of over 8 tonnes, of gold into the SPDR gold ETF but nothing in or out of the Gold Trust on Friday. This leaves their holdings at 812.462 and 188.04 tonnes in the SPDR & Gold Trust respectively. These purchases were well placed to take advantage of what we expect later this week in the gold price.
Silver – The silver price is marking time waiting to run at the first sign of small recovery in the gold price.
Julian D.W. Phillips
GoldForecaster.com | SilverForecaster.com | StockBridge Management Alliance
About GoldForecaster.com Service:
We focus on keeping our readers on top of the emerging Gold bull market with a global fundamental and technical overview. Members gain access to our comprehensive, weekly report with the latest Gold market news, price analysis, up-to-date portfolio along with coverage of other key markets. Economic and monetary topics are covered as well, along with many other influences that have an impact on the Gold market.
Try a $99 trial subscription and gain immediate access to the latest weekly Gold Forecaster Newsletter!
Global Gold Price (1 ounce)
| Digg This Article
-- Published: Monday, 18 April 2016 | E-Mail | Print | Source: GoldSeek.com