IN THE FINAL day before Christmas, gold prices edged higher Monday morning, climbing to $1,665 per ounces (oz) and recovering some from the ground lost last week.
Friday afternoon's London gold correct was $1,651.50/oz, a 2.6% weekly fall and the biggest weekly drop since June.
"[Gold's fall] opens up a move towards the next major support, which are the lows in a very $1,5TWO0s," says Friday's technical analysis note from Scotiabank.
On the physical bullion industry, gold want from traditional world variety 1 India picked up Monday, dealers reported.
"Demand is cool," 1 dealer at a state-run bank in Mumbai told newswire Reuters earlier now.
"Buyers are putting orders for limited stocks with banks. They know the provide situation will remain tight for the next few days. Overseas vendors are going on leave."
Silver meantime rallied to $30.39/oz before easing slightly, like gold regaining a little.
Stocks and commodities were broadly flat Monday morning, while the euro gained versus the dollar however stayed below last week's seven-month high.
In unexampled York, the so-called speculative net long position of gold futures and options traders—the difference between bullish and bearish contracts held—fell to its lowest level since August in the week ended last Tuesday, weekly data submitted from the Commodity Futures Trading Commission show.
Elsewhere from the U.S., politicians negotiating over how to treat the government's deficit have left Washington for Christmas without any deal being agreed. The U.S. economy is due to hit the so-called fiscal cliff of around $600 billion of spending cuts and tax cut expiries, starting next Monday, if Congress does not agree new legislation.
Here in Europe, current Italian prime minister Mario Monti said Saturday that he will not run in February's parliamentary elections. He added however that he might feel being prime minister if nominated towards the document via an elected coalition that might back what he called "the Monti agenda" of economic reforms.
Article source http://www.theaureport.com/
0 comments:
Post a Comment