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Today's AM fix was USD 1,613.00, EUR 1,300.39, and GBP
1,032.39 per ounce.
Yesterday’s AM fix was USD 1,606.75, EUR 1,299.43 and GBP 1,032.28 per
ounce.
Silver is trading at $28.08/oz,
€22.71/oz and £18.01/oz. Platinum is
trading at $1,415.70/oz, palladium at $582.50/oz and rhodium at $1,100/oz.
Ireland observed a national holiday on Monday.
Gold climbed $8.40 or 0.52% in New York yesterday and
closed at $1,611.20/oz. Silver hit a high of $27.985 and closed with a gain
of 0.5%.
Gold Prices/Rates/Fixes /Volumes – (Bloomberg)
Gold traded sideways Tuesday, maintaining gains from
the previous 2 sessions as investors waited for action from the European
Central Bank looking for intervention in solving the Eurozone debt crisis.
Market players are watching for any details on the
ECB’s bond purchasing plans, after bank chief Mario Draghi
said last week that the ECB would target short-term debt, fuelling optimism
in the bond markets.
A Reuter’s poll of economists on Friday
highlighted that they expect the Fed to start QE3 in September, but a top Fed
official said that a stimulus package so close to a presidential election
would not be prudent.
Since the ECB conditioned it would buy more government
debt from Spain & Italy if they agreed to strict austerity packages, this
has decreased pressure on either country to act quickly.
The Financial Times interviewed Ken Wattret,
a BNP Paribas economist who said: “If people think this will all be
sorted in a matter of days, or weeks, then they will be disappointed. We
could be in limbo for months.”
Cross Currency Table – (Bloomberg)
US Economic data out this week follows: Consumer Credit
- Tuesday, Productivity and Unit Labor Costs - Wednesday, Initial Jobless
Claims, the Trade Balance, and Wholesale Inventories - Thursday, and Import
and Export Prices plus the Treasury Budget - Friday.
China is set to release inflation, trade figures and
industrial output data for July, this week. China still has a strong affinity
for the yellow metal.
Gold flow from Hong Kong increased 6 times for the
first half of the year, while flow in the opposite direction was unusually high
for June.
China produced 36.3 tonnes of
gold in June sending the total output to 177 tonnes
up 7.7% for the year.
For breaking
news and commentary on financial markets and gold, follow us on Twitter.
NEWS
Gold little changed as investors await ECB action
- Reuters
Bond buying plan heightens ECB dilemma
– The Financial Times
Gold Trove Found At Israel Castle Reveals
Crusaders’ Forex Moves -
Bloomberg
COMMENTARY
Majority of Wall Street dealers still expect Fed QE3
- Reuters
Eurozone money printing is on the horizon –
buy Europe now - MoneyWeek
China’s $11m gold walkway
– Europe China Daily
CFTC Commissioner Bart Chilton Comments on the
Silver Investigation – The Motley Fool
Mark
O’Byrne
Goldcore
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