Gold News

Spot gold opens London above $673 per ounce

Spot gold prices held steady in Asia overnight Thursday, dipping $2 from the US close but opening London at $673 per ounce – a fresh five-week opening high.

"With gold successfully breaking and currently holding above chart technical level of $670," says today's note from Standard Bank, "it promisingly suggests further gains could be achieved toward the next target of $680."

Gold also held above the critical £340 level for Sterling buyers.

Eurozone investors wanting to buy gold saw it open Thursday in Frankfurt at €504 per ounce, the highest level since March 1st.

In short, yesterday's leap in the gold price came versus all major currencies. The newswires, however, insist the rise is due to "demand for [a] Dollar alternative."

Why did gold leap on Wednesday, defying the sudden outbreak of peace between the UK and Iran – and moving in the opposition direction to crude oil?

For the full story, click here and read on...

Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals