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Gold Bounces off of $904

Commodities / Gold & Silver 2009 Jul 09, 2009 - 05:41 AM GMT

By: GoldCore

Commodities Gold: Gold dipped below $904/oz overnight and is currently trading at $915.20/oz. Industrial unrest and calls for mine nationalisation in South Africa are for the moment being ignored by the markets but have the potential to create upward price pressures in both the gold and platinum markets.


With growth forecasts for the global economy being revised upwards by organizations such as the IMF, gold has come under pressure in recent days. The stock markets, however, took direction from concerns that second-quarter earnings will disappoint investors and lead to the US and Asian stock markets closing down on the day.

Continuing risk aversion and doubts regarding how green the so called green shoots of economic recovery are, should see gold well supported at the 200 day moving average at $888/oz. The EUR/USD remains within its current range of 1.385 - 1.4030 at 1.3980. GBP/USD is currently trading at 1.62. Gold is trading at €655/oz and £565/oz.

Silver: Silver is trading at $12.95/oz.

PGMs: Platinum trades at $1,100/oz and rhodium at $1,285/oz.

Bullion Services Team

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