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Today's AM
fix was USD 1,571.50, EUR 1,298.12, and GBP 1,011.91 per ounce.
Friday’s AM fix was USD 1,583.00, EUR 1,291.30and GBP 1,007.83 per
ounce.
Silver is
trading at $26.98/oz, €22.36/oz and £17.94/oz. Platinum is trading at $1,396.00/oz, palladium at $564.80/oz and
rhodium at $1,190/oz.
Gold climbed $2.90 or 0.18% in New York on Friday and
closed at $1,583.90/oz. Gold initially traded sideways in Asia and then began
to fall about 0.75% by the open of trading in Europe.
Gold edged
down on Monday due to the pressure from a stronger dollar, as worries about
the Eurozone debt crisis grew after Spain looked like the next candidate for
a sovereign bailout.
Spain has two
regions seeking aid from the central government and El Pais
reported that six Spanish regions may ask for aid from the central government
while Spanish bonds yields continue to rise. As the 4th largest economy in
the Eurozone Spain looks likely to follow Greece, Portugal and Ireland
seeking an international bailout.
Greece’s
creditors meet this week as many doubt they will meet their bailout
commitments. German Vice Chancellor Philipp Roesler
said he’s “very skeptical” that European leaders will be
able to rescue Greece. China’s economic expansion may fall for a 7th
straight quarter to 7.4% in the three months to
September, said Song Guoqing, a member of the
People’s Bank of China monetary policy committee.
Technical
analysis suggested that spot gold would be neutral in the range of $1,567.34
- $1,597/oz said Wang Tao a Reuters market analyst.
Investors are
favouring safe haven assets such as the dollar, yen
and U.S. Treasuries while some just sit on cash until more clearer signals
from the US Fed are given.
For breaking
news and commentary on financial markets and gold, follow us on Twitter.
NEWS
Dollar, yen rally on raging Greece, Spain fears
- MarketWatch
Gold eases as heightened Spain worries boost dollar
- Reuters
African Barrick gold
production declines - MarketWatch
COMMENTARY
Special report: After Libor, where will the next
scandal be? – The Independant
LIBOR Scandal And Its Effects On Gold And Silver
Lease Rates – Seeking Alpha
The Economic Collapse For Dummies
– Zero Hedge
Will the LIBOR scandal be the one to take down the
banking system? - MSN
Mark
O’Byrne
Goldcore
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