Gold News

Gold market slows to a crawl

Gold has crawled a little higher ahead of the New York session today. European traders put a halt to the drop in Asia, sending the AM fix in London to $617.50 – the lowest fix since Nov.2, but nearly $1.50 up from Friday's close in New York.

"With Dollar sentiment improving and fund players
still positioned long ahead of year-end...the market remains
at most risk to further long liquidation," says HSBC bank in a note.

Today's major data release was US current account data for the third quarter, which came in at $225bn. Last week's tame US inflation data saw the Dollar hold firm, as the Euro slipped against everything. Sterling now represents the "anti-Dollar" for currency investors – including central bankers.

In fact, the Pound became the world's third reserve currency this year - which is just nuts! Click here to read why...

Adrian Ash is director of research at BullionVault, the physical gold and silver 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 is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

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

 

 

scri

Market Fundamentals