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Market Oracle FREE Newsletter

Gold Price Trend Forecast Summer 2019

Gold Rises as Financial Markets Wobble on Increased Interest Rate Risk and Alcoa

Commodities / Gold and Silver 2010 Jan 12, 2010 - 06:10 AM GMT

By: GoldCore

Commodities

Gold rose 1% yesterday reaching 5-week highs and range traded between $1,151/oz and $1,158/oz overnight. It has dropped off slightly since but remains marginally higher in late morning trade in London. The poor jobs report last Friday has created investor uncertainty and has seen dollar weakness in the early part of the week leading to the firm gold price. Alcoa's below consensus earnings have not soothed these jitters. Gold is currently trading at $1,152.00/oz and in euro and GBP terms, gold is trading at €796/oz and £716/oz respectively.


Fears of increased rates are becoming more prevalent and could lead to increasing risk aversion which could see gold rechallenge the psychological $1,200/oz before the end of January. Especially as January is traditionally a positive month for gold.

China's testing of a missile interceptor is expected to further strain relations with the US and comes at a time of increasing monetary and trade tension with the U.S. having imposed a tariffs on Chinese and on Chinese steel products last week. Increasing threats to global free trade may lead to a safe haven bid for gold.

Silver
Silver range traded between $18.59/oz and $18.78/oz overnight. Silver is currently trading at $18.64/oz, €12.87/oz and £11.57/oz.

Platinum Group Metals
Platinum is trading at $1,626/oz and palladium is currently trading at $443/oz. Rhodium is at $2,750/oz.

The Bullion Services Team

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63
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E info@goldcore.com

UK
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LONDON 2
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IRL +353 (0)1 632 5010
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W www.goldcore.com

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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