Gold Today – The gold price closed at $1,231.20 down $10.30 on Friday. Asia and London held it there until the Fix which was set at. The euro is slightly stronger this morning at $1.2682. The Fix was set $1,230.50 down $10.00 and in the euro at 970.579 down 9.356, while the euro stood stronger at $1.2678. The volumes of gold traded were two sellers selling 36,000 ounces and two buyers buying 28,000 ounces before the pro-rata process kicked in. Ahead of New York’s opening, gold was trading at $1,230.60 and in the euro at 971.46.
Silver Today – The silver price closed in New York at $17.19 up 4 cents, holding as gold slipped. Ahead of New York’s opening it was trading at $17.20.
Gold (very short-term) Gold is likely to consolidate, in New York, today.
Silver (very short-term) Silver is likely to consolidate, in New York, today.
Price Drivers
In New York there were sellers of 4.485 tonnes of gold in the SPDR gold ETF but there was a purchase of 0.82 of a tonne into the Gold Trust on Friday. This did assist the fall in the gold price to $1,230, but this was off the day’s lows. It does look like we are back in consolidation mode today.
This post was published at GoldSeek on 27 October 2014.
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