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Gold Breaks Above Euros €800/oz on Eurozone Debt Problems

Commodities / Gold and Silver 2010 Feb 03, 2010 - 05:22 AM GMT

By: GoldCore

Commodities

Gold (and silver) rose some 1% yesterday prior to range trading in the US yesterday from - $1,110/oz to $1,115/oz. It has moved upwards Asian trading so far this morning jumping from $1,113/oz to $1,124/oz. Gold is currently trading at $1,121.00/oz and in Euro and GBP terms, gold is trading at €802/oz and £700/oz respectively. The continuing problems in the Eurozone are seeing the gold rise in Euro terms and a weekly close above €800/oz will be very positive technically.


Risk appetite has increased on somewhat more positive economic data yesterday and this has seen Asian equity markets rally. European equity markets have also risen but more tentatively. Confidence in the economic recovery remains fragile with the big picture remaining uncertain with continuing global macroeconomic and geopolitical risk.

Dollar weakness is emboldening traders to again take positions in the gold market but many players remain hesitant to enter any major bets before the U.S. non-farm payrolls report for January due out on Friday. Any signs of improvement in the labor market could fuel speculation of nearer term Federal Reserve interest rate hikes in order to protect the dollar and prevent inflation.

Silver
Silver began at $16.70/oz in Asia and has moved upwards since. Silver is currently trading at $16.90/oz, €12.05/oz and £10.52/oz.

Platinum Group Metals
Platinum is trading at $1,592/oz and palladium is currently trading at $447/oz. While rhodium is at $2,550/oz.

News:

Oil prices dipped in Asian trade overnight, as the market prepared for figures expected to show a larger than expected rise in US crude inventories. US crude fell five cents to $77.18 a barrel, while London's Brent crude was down three cents to $76.03.

Bank bosses have been given an ultimatum by the UK's Financial Services Authority (FSA). The FSA told UK bank bosses that 60% of all pay must be deferred, with no exceptions, even for those whose contracts conflict with the edict.

President Ahmadinejad of Iran has agreed to submit Iran's enriched uranium in exchange for the receipt of nuclear fuel. It seems like a concession from earlier conditions set for the transfer and is being seen as a conciliatory move.

Growth in the UK services sector slowed more than expected last month as snow-related disruptions and a rise in value-added tax took their toll, a survey of purchasing managers showed this morning.

The Bullion Services Team

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