Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Gold and Silver Market morning, December 07, 2012

IMG Auteur
 
Published : December 07th, 2012
483 words - Reading time : 1 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

 

 

 

 

Gold Today –New York closed at $1,698.00 down $3.6 yesterday as a result of short covering. This morning, Asian & London dealers lifted prices higher to reclaim the $1,702 level. It was Fixed at $1,697.00 up $4 on yesterday’s Fix. In the euro it was Fixed at €1,312.553 up €17.5 while the euro was slightly weaker at €1: $1.2962 and weakening. Ahead of New York’s opening, gold was $1,697.05 and in the euro at €1,309.25.


Silver Today – Silver closed in New York at $32.98 yesterday. In Asia and London, silver climbed back to reclaim the $33.08 levels. Ahead of New York’s opening it stood at $32.88.


Gold (very short-term)



Gold is expected to show a stronger bias, in New York today.


Silver (very short-term)


Silver is expected to show a stronger bias, in New York today.


Price Drivers


Gold & Silver – Confirmation that the breakdown of supports in gold was caused by speculators and traders came overnight, as short covering returned gold prices to $1,702 and silver back over $33.08. Volumes were again small, demonstrating that neither the market, nor fundamental perceptions have changed. We continue to expect large long-term buyers from central banks and Asia to enter the market to buy at these levels.


[Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]


The fall in the gold price in Indian Rupees to the Rs. 91,000 area will bring Indian investors rushing in to get bargains. Western investors rush in as prices start to rise as they ‘want in’ for the ride. Indian investors rush in because they don’t think prices will go any lower. Two very different worlds! But Indian demand is the larger in the gold market, longer term. Indian gold imports declined to 398 tonnes between April-October 2012 from 589 tonnes a year earlier over the same period.


The main reason investors buy and sell in different parts of the world differently, is that gold is priced in the local currency in each market of the world. The weaker Rupee during the year led to record Rupee prices for gold, whereas in the dollar and the euro gold prices remained below their peaks. Understanding this is always clouded by the fact there is no currency by itself that can measure gold’s real value. Investors instinctively see prices in their own currency and use that currency as the measure they understand. The common denominator is gold itself, which a U.S. millionaire can sell to a farmer in India [if he wants Rupees]. Likewise the farmer can sell that gold to an American millionaire [if he wants dollars?].


Silver – Silver was riding tandem with gold as they both reclaimed the levels investors feel they should be at overnight.


Regards,


Julian D.W. Phillips for the Gold & Silver Forecasters


Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,568.37

Sf1,583.02

US

$1,692.15

$1,702.50

EU

1,295.08

€1,301.01

India

Rs.91,613.85

Rs.92,959.11


 

 

Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
<< Previous article
Rate : Average :0 (0 vote)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Opta Min.OPM.TO
Schedules First Quarter 2015 Financial Results Release
CA$ 1.31+0.77%Trend Power :
Financials
IthacaIAE.L
Ithaca Energy Inc. Announces Sale of Norwegian Exploration Business
GBX 51.25+3.54%Trend Power :
Corporate news
Forum Energy(Oil)FEP.L
Forum Energy beats 1Q profit forecasts
GBX 17.50+0.00%Trend Power :
Corporate news
First Majestic(Le-Zn-Au)FR.TO
NYSE stocks posting largest percentage decreases
CA$ 5.85-1.68%Trend Power :
Corporate news
Adriana Res.(Au)ADI.V
Adriana announces that it has filed a NI 43-101 Technical Report on the Lac Otelnuk Project on SEDAR
CA$ 0.11+0.00%Trend Power :
Corporate news
Sherritt International(Co-Coal-Ni)S.TO
Ambatovy Plant Strike Action Resolved
CA$ 2.18+4.31%Trend Power :
Corporate news
Claude Resources(Au-Cu-Ngas)CRJ.TO
Provides Date for Q1 Results and Conference Call
CA$ 0.63-3.08%Trend Power :
Corporate news
Claude Resources(Au-Cu-Ngas)CRJ.TO
Provides Date for Q1 Results and Conference Call
CA$ 0.63-3.08%Trend Power :
Corporate news
Stealth Ventures(Ag-Au-Cu)SLV.V
IIROC Trading Halt - SLV
CA$ 0.01+0.00%Trend Power :
Corporate news
Stealth Ventures(Ag-Au-Cu)SLV.V
Stealth Ventures Inc. Appoints Mark Roseborough as interim CEO and CFO Effective Immediately
CA$ 0.01+0.00%Trend Power :
Corporate news
Comments closed