Gold Today -New York closed with the gold price at $$1,145.60 down from $1,146.80 yesterday in New York. Ahead of London’s opening the price moved down to $1,142 as recorded in London. China is open today. The gold price was set at $1,143.30 down from $1,147.90 at the LBMA gold setting. The dollar Index was down at 95.15 from 95.47 and the dollar was trading against the euro at $1.1305 down from $1.1254. In the euro the fixing was 1,011.32 down from 1,019.87. Ahead of New York’s opening gold was trading at $1,144.75 and in the euro at 1,012.61.
Silver Today – The silver price closed at $16.02 up from $15.80 up 22 cents over yesterday’s close. Ahead of New York’s opening, silver was trading at $15.67.
Gold (very short-term)
The gold price should consolidate today, in New York.
Silver (very short-term)
The silver price should consolidate today, in New York.
Price Drivers
The Shanghai Gold Exchange reopened today after the week long holiday, but its activity has not yet fed through to the gold price as developed world markets continue to dominate gold prices. In London and New York the current consolidation pattern is almost complete and a strong move either way is close. These days, with High Frequency Trading, this means high volatility. With the liquidity of the physical gold market falling uncomfortably we do expect dealers to turn their attention to physical prices from COMEX prices, as conditions tighten in the physical market. The result may well be a move of greater proportions than we have seen for some time! [More in our newsletter
– Subscribe http://www.goldForecaster.com [See a site where protection from confiscation is offered to gold owners: www. Stockbridgemgmt.com ] There were sales of 1.787 tonnes from the SPDR gold ETF but no activity in the Gold Trust. This leaves the holdings of the SPDR gold ETF at 687.196 tonnes and 160.62 tonnes in the Gold Trust.
This post was published at GoldSeek on 8 October 2015.
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