Gold News

Frantic trade at the Fix leaves gold unmoved

Gold shot $5 higher straight after today's London PM fix. But so far for the day it's barely moved in Dollars, Euros, Sterling or Yen.

"The Dollar is pretty much stuck in a tight range," says a metals analyst at UBS. "Unless the dollar moves out of this range, I don't think you are going to get too much incentive for precious metals to move out of the range as well...We are still looking for [gold to] move down towards the $620 level."

What's more, "the holiday season is approaching," as one Hong Kong dealer put it to Reuters. Another dealer reckons gold will trade sideways for the rest of December as traders and fund managers nip away from their desks to go shopping.

Good job they've got record bonuses to spend! Have you seen the price of Christmas gifts lately? Click here for a shocking tale from London...

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 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.

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