Gold Today -New York closed at $1,088.40 down from $1,091.10 a fall of $2.70 yesterday. In Asia it rose to $1,092.00 before London opened. The LBMA price setting fixed it at $1,088.60 down from $1,092.50 down $3.90 over yesterday. The dollar Index paused again yesterday at 98.95 at the close of New York on Tuesday. The dollar was almost unchanged at $1.0752 against the euro. In the euro the fixing was 1,015.63 down from 1,018.89. Ahead of New York’s opening gold was trading in the dollar at $1,087.95 and in the euro at 1,014.93.
Silver Today – The silver price closed at $14.42 down from $14.56 down 14 cents from yesterday’s close. At New York’s opening, silver was trading at $14.42.
Gold (very short-term)
The gold price will consolidate with a weaker bias today, in New York.
Silver (very short-term)
The silver price will consolidate with a weaker bias today, in New York.
Price Drivers
The currency markets, the dollar and the gold price stabilized yesterday. The dollar has not broken through the 100 level on the dollar Index, yet. This is important to gold investors as the gold price is dominated by the U. S. market, principally COMEX. If the Index remains below 100 the dollar will reduce its ‘safe haven’ status and the gold price will not fall much further. The gold price is dollar driven right now. There were sales of 5.657 tonnes from the SPDR gold ETF but none from the Gold Trust. The holdings of the SPDR gold ETF stands at 663.432 tonnes in the SPDR gold ETF and at 160.30 in the Gold Trust. This was a heavy sale but had no impact on the gold price yesterday, questioning the next direction for the gold price.
This post was published at GoldSeek on 11 November 2015.
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