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Gold Falls as U.S. Dollar Gains Despite Iran Iraq Conflict Risk

Commodities / Gold & Silver 2009 Dec 18, 2009 - 07:58 AM GMT

By: GoldCore

Commodities

Gold dipped sharply to $1,094/oz yesterday and recovered to range trade from $1,104/oz to $1,109/oz overnight. Gold is currently trading at $1,101.00/oz and in Euro and GBP terms, gold is trading at €770/oz and £683/oz respectively. Gold has given up its early gains and is trading flat on the day so far. Further dollar strength on speculation that the Federal Reserve may begin increasing interest rates sooner than expected has contributed to further falls in the gold market.


The trend remains firmly up for the dollar and down for gold and as ever traders are making the trend their friend.

With the year coming to a close further book tidying is likely. A decline in liquidity over the holiday period could lead to further volatility in the gold market. Given that gold is up 25% year to date further profit taking may be seen especially as the momentum is firmly down currently. As ever geopolitical risk such as the Iraq-Iran tensions may intervene over the Christmas period and some traders will remain long for this reason. This was graphically illustrated when Benazir Bhutto was tragically assassinated in Pakistan last Christmas and gold surged some $25 on safe haven buying due to fears regarding a nuclear bomb falling into the hands of Islamic militants in Pakistan.

Silver
Silver traded between $17.33/oz and $17.21/oz overnight. Silver is currently trading at $17.17/oz, €12.00/oz and £10.64/oz.

Platinum Group Metals
Platinum is trading at $1,433/oz and palladium is currently trading at $365/oz. While rhodium is at $2,450/oz.

This update can be found on the GoldCore blog here.

The Bullion Services Team

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Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

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