Save your cookie preferences

We use cookies to remember your site preferences, record your referrer and improve the performance of our site. For more information, see our cookie policy.

Please select an option below and 'Save' your preferences.

Save

You can update your cookie preferences at any time from the 'Cookies' link in the footer.

We use cookies (including third-party cookies such as Google) to remember your site preferences and to help us understand how visitors use our sites so we can improve them. To learn more, please see our privacy policy and our cookie policy.

To agree to our use of cookies, click 'Accept' or choose 'Options' to set your preferences by cookie type.

Options Accept

  • English
  • Deutsch
  • Español
  • Français
  • Italiano
  • Polski
  • 日本語
  • 简体中文
  • 繁體中文
  • Daily audit
  • Help
  • Contact
  • Deposit
  • Login
  • Open account
  • ABOUT US
    • About BullionVault
    • In the press
    • Reviews
    BUY/SELL BULLION
    • Live order board
    • Daily Price
    • Regular Investing
    INVESTMENT GUIDE
    • Guide to gold
    • -How to buy gold
    • -Gold investment
    • -Gold investment plan
    • -Investment insurance
    • -Compare asset performance
    • Guide to silver
    • -How to buy silver
    • Guide to platinum
    • -How to buy platinum
    GOLD NEWS
    • Gold news front page
    • -Gold price news
    • -Opinion & analysis
    • -Market fundamentals
    • -Gold/Silver Investor Index
    • -Infographics
    CHARTS
    • Gold price
    • Silver price
    • Platinum price
    • Price alerts
  • Login
  • Open account
  • BUY/SELL BULLION
  • Live order board
  • Daily Price
  • Regular Investing
  • INVESTMENT GUIDE
  • Guide to gold
    • ⤷
    • How to buy gold
    • Gold investment
    • Gold investment plan
    • Investment insurance
    • Compare asset performance
  • Guide to silver
    • ⤷
    • How to buy silver
  • Guide to platinum
    • ⤷
    • How to buy platinum
  • GOLD NEWS
  • Gold news front page
    • ⤷
    • Gold price news
    • Opinion & analysis
    • Market fundamentals
    • Gold/Silver Investor Index
    • Infographics
  • CHARTS
  • Gold price
  • Silver price
  • Platinum price
  • Price alerts
  • ABOUT US
  • About BullionVault
  • In the press
  • Reviews
  • Help
  • Contact
  • Daily audit
    • English
    • Deutsch
    • Español
    • Français
    • Italiano
    • Polski
    • 日本語
    • 简体中文
    • 繁體中文

Gold News

Live support

NEED HELP? ASK US NOW

Search form

Gold News front page

Gold Price News

Gold Prices Rise Again as UK Tory Party Splits, Putin Threatens US, China Jewelry-Makers 'Sold Out'

More...

Gold Investing In Depth

Learn about gold bullion bars

Learn about gold bullion coins (and costs)

Gold investment: Why & how?

Gold Investment Analysis

  • Latest Gold Investor Index
  • Diversification: Gold as investment insurance
  • 40-year Asset Performance Comparison Table

Gold Articles

Opinion & Analysis

Gold Price News

Investment News

Gold in History

Gold Books

Gold Investor Index

Gold Infographics

Archive

  • February 2019 (26)
  • January 2019 (33)
  • December 2018 (28)
  • November 2018 (39)
  • October 2018 (38)
More...

List of authors

Gold Prices See Best Weekly Rise Since March as Iraq Violence Sparks Short-Covering, $1.7bn Resource Fund Holding "Record-Low" Gold Exposure

Friday, 6/13/2014 14:32
GOLD PRICES spiked to new 2-week highs at $1277 per ounce Friday morning in London, easing back to hold firm near a 2.2% gain for the week – its best since March – while Asian stock markets closed higher but Europe lost 1% and more as Iraqi insurgents seized more towns near Baghdad.
 
Set to slip at Friday's opening, New York's S&P 500 stock index was on course for 1.5% weekly losses.
 
The British Pound meantime touched new 6-year highs just below $1.70 after Bank of England governor Mark Carney said UK interest rates may rise "sooner than the market currently expects."
 
Gold prices for UK investors fell 1% overnight, cutting the week's rise to 0.6% at £750 per ounce, a level first reached in early 2010 – one year after the Bank first slashed UK rates to the current all-time low of 0.5%.
 
"With equity markets in Europe and the US setting record highs," says the latest monthly report from analysts at bullion bank Scotia Mocatta, "[and] with optimism for continued economic recovery gaining momentum...the opportunity cost of holding gold has risen.
 
"Investor interest in gold may remain subdued for a considerable time," says the bank, "unless financial risks pick up again."
 
"We remain nervous about the outlook for the gold price," says $1.7 billion natural resources fund manager Neil Gregson at J.P.Morgan Asset Management, pointing to "Federal Reserve tapering" of its QE asset purchase program.
 
Expecting rangebound gold prices "without a significant catalyst for further gains," Gregson told the Financial Times' FT Advisor magazine Wednesday that his natural resources fund now holds less than 12% exposure to gold – "the lowest it has ever been."
 
At Friday prayers in Iraq meantime, the country's most senior cleric – Grand Ayatollah Ali al-Sistani – called on Shia Muslims to arm and defend against Sunni insurgents linked to al-Qaeda.
 
Brent crude oil prices hit a three-year high above $113 per barrel as ISIS troops entered more towns near Baghdad.
 
Provided the invasion " does not spread further," the International Energy Agency in Paris said Friday, Iraq's oil output – forecast to grow 1.2 million barrels per day by 2019 – is "not immediately at risk."
 
"Gold prices are stalling ahead of weekend," reckoned George Gero at RBC Wealth Management as New York trade began Friday, with "traders not wishing to open new positions" after Thursday saw rapid short-covering of bearish futures contracts, with the most extreme anti-gold betting of 2014 to date caught off-guard by news of the al-Qaeda linked advance across Iraq. 
 
Silver held tight around $19.54 per ounce for a 2.7% rise on the week, while gold prices moved just $1 either side of $1273.
 
Platinum and palladium prices continued to slip after South Africa's AMCU union presented its 70,000 striking members with a new wage offer from top miners Implats, Lonmin and Anglo American Platinum.
  • Reddit logo
  • Facebook logo
  • Twitter logo
  • Google logo
  • Yahoo logo
  • LinkedIn logo
  • Digg logo
  • StumbleUpon logo
  • Technorati logo
  • del.icio.us logo

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, or get more from Adrian Ash on Google+

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, RSS links are shown there.

Follow Us

Facebook Youtube Twitter LinkedIn

 

Mobile apps

 - live trading 24/7

 - buy & sell instantly

 - up-to-the-second charts

 

 

 

Daily news email
Go to 'communications settings' 

Get the latest daily gold price news free by email

Latest gold news by email

 

 

 

Gold Investor Index
5 February 2019

Gold Investor Index

Gold up, investing up!

 

 

 

CNBC TV-18
3 January 2019

CNBC TV-18

Gold jumps into New Year

 

 

 

Portfolio Adviser
19 October 2018

Vaulted large bar gold. Source: BullionVault

Beyond gold 'chatter'

 

 

 

Money Observer
6 August 2018

Bitcoin ain't gold

No, Bitcoin isn't "new" gold

 

 

 

  •  Email us

Market Fundamentals

  • Gold 'Set to Drive' Silver Price Gains in 2019
  • LBMA Gold Price Forecasts See Tight Range in 2019
  • Gold Mining M&A Now 'Easier' Than New Exploration
More...
  • Cost calculator
  • Cookies
  • Terms & conditions

©BullionVault Ltd 2005-

  • Twitter
  • Facebook
  • Google Plus
  • LinkedIn
  • YouTube