Close X Cookies are necessary for the proper functioning of By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...

Euro, Iran and Asian New Year Buying Fuels Gold

IMG Auteur
Published : January 05th, 2012
412 words - Reading time : 1 - 1 minutes
( 1 vote, 4/5 )
Print article
  Article Comments Comment this article Rating All Articles  
Our Newsletter...
Category : GoldWire





Gold is trading at USD 1,612.90, EUR 1,256.10, GBP 1,037.30, CHF 1,530.40, JPY 123,934 and AUD 1,573.0 per ounce.

Gold’s London AM fix this morning was USD 1,614.50, GBP 1,038.33, and EUR 1,256.32 per ounce.

Yesterday's AM fix was USD 1,603.00, GBP 1,024.28, and EUR 1,229.96 per ounce.

Cross Currency Rates

The fifth day of price rises is the longest rally we've seen in two months. Concerns about the solvency of European banks and sovereigns is overcoming the 'risk on' appetite of late 2011 and early 2012. The euro has fallen to 1.2840 USD and to €1,256/oz.

Growing tensions with Iran including the European Union's preliminary agreement to ban Iranian oil, will fuel gold's  safe haven status for investors.

Gold is trying to consolidate above psychological levels of $1,600/oz, £1,000 and €1,200/oz. The 200 day moving average is $1,631.60 which remains resistance. The intraday high hit $1,624.66, was gold's highest price since December 21.

We expect gold demand to pick up ahead of the Chinese Lunar New Year, The Year of the Dragon, which begins on January 23.

Silver is trading at $29.04/oz, €22.61/oz and £18.67/oz 

Platinum is trading at $1,409.50/oz, palladium at $640.00/oz and rhodium at $1,425/oz.

(Business Week)
Gold Gains as Physical Asian Demand Offsets Sales After Rally

Gold up on seasonal China buying; Iran eyed

Gold jumps after preliminary EU deal on Iran oil ban

(Wall Street Journal)
PIMCO's Gross: Gold is pricey but has room to rise if Fed stimulates more

(The Washington Post)
O'Byrne Says $2400 Gold `Quite Likely' in Coming Years

(Wall Street Journal) 
Academics Say Gold Bulls "Driven By Emotions"

(Jim Sinclair’s Mineset)
Negativity In Gold Reaches Epic Levels

(King World News) 
John Embry - Gold Will Not Trade Below $1,500 Ever Again

(The Christian Science Monitor) 
Are gold prices dropping for good?

`Currency Wars' Will Be `More Brutal' in 2012


-Soros: Euro Failure Would Have 'Catastrophic' Impact – Bloomberg
-Soros: Possibility of Euro Failure Being Priced in By Markets – Bloomberg
-Gold Climbs For Fifth Day. Good Time to Diversify For Volatile 2012
-Gold's 'Bear Run' Since August Has Ended, Gartman Says – Bloomberg
-Gold Consolidating Above $1,600/oz, £1,000/oz & €1,200/oz
-$15,222,940,045,451.09 (+) #nationaldebt

GoldCore Announcement
Our daily Market Update will be of a shorter duration going forward and we will be introducing a new more comprehensive Weekly Review which will be sent to clients, websites and media every Friday afternoon

Mark O’Byrne




Companies Mentionned : Metals X | Platinum Group Metals |
Data and Statistics for these countries : Iran | All
Gold and Silver Prices for these countries : Iran | All
<< Previous article
Rate : Average note :4 (1 vote)
>> Next article
Mark O'Byrne is executive and research director of which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
WebsiteSubscribe to his services
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
Mining Company News
Troy Res.(Ag-Au-Cu)TRY.AX
Results of Annual General Meeting
AU$ 0.23+9.52%Trend Power :
Corporate news
Orvana Min.(Cu-Au-Ag)ORV.TO
Orvana Announces the Appointment of Two New Directors
CA$ 0.16-3.03%Trend Power :
Corporate news
Troy Res.(Ag-Au-Cu)TRY.AX
AGM Presentation
AU$ 0.23+9.52%Trend Power :
Corporate news
Troy Res.(Ag-Au-Cu)TRY.AX
Chairman's Address to Shareholders
AU$ 0.23+9.52%Trend Power :
Corporate news
Canadian Natural(Ngas-Oil)CNQ.TO
CANADA STOCKS-TSX rises on solid gains for resource stocks
CA$ 32.70-0.09%Trend Power :
Corporate news
Highbank Res.(Ag-Au)HBK.V
Pacific Northwest BC News & Management Agreement with CEO
CA$ 0.06+0.00%Trend Power :
Corporate news
Highbank Res.(Ag-Au)HBK.V
Leave a comment
CA$ 0.06+0.00%Trend Power :
Corporate news
National Grid TransNG.L
National Grid takes a trip down memory lane in Norwich
GBX 933.70+0.17%Trend Power :
Corporate news
National Grid TransNG.L
Tuesday, November 24, 2015 - National Grid Moves To Intervene In Support Of EPA's Clean Power Plan
GBX 933.70+0.17%Trend Power :
Corporate news
Highbank Res.(Ag-Au)HBK.V
Pacific Northwest B.C. News & Management Agreement With CEO
CA$ 0.06+0.00%Trend Power :
Corporate news
Comments closed