Daily Market Report

GOLD India’s trade deficit was reported this morning, widening to a seven-month high of $20.1 billion in May, surging 18.8% on-year. Gold imports continued to remain high despite recent measures from the government and the Reserve Bank of India (RBI). The Indian government has raised the Gold duty twice this year, first to 6% and recently to 8%. India’s imports...

GOLD Gold traded today in a narrow price range awaiting direction from the Federal Reserve policy meetings starting tomorrow. At 11am PDT, today Gold is down $5 per ounce, trading at $1,383 per ounce on normal volume. SILVER Silver briefly traded above $22 per ounce, reaching $22.11 per ounce earlier this morning. However, as Gold sold off from its highs...

GOLD History has shown us that as we enter the summer months the physical demand for precious metal investment products decreases and volume of contracts & options traded on the worldwide commodity exchanges drops off. If Gold stays within the current $1,370 to $1,400 per ounce trading range, this would be an excellent consolidation and break the recent short term...

GOLD Gold continues to trade in the $1,370 to $1,400 per ounce price level, with average volume. The bulls feel that Gold is building an excellent base for the next attempt at breaking above $1,400 per ounce, while the bears are disappointed that Gold has hit $1,400 four or five times in the past two weeks but can’t stay above...

GOLD After reaching a low of $1,364 per ounce in Asia early yesterday Gold has moved out of a consolidation phase into a short term bull trend higher. The value of Gold is being helped today by a weaker U.S. Dollar versus the Euro and Japanese Yen. At 11am PDT today, Gold is trading at $1,391 per ounce, up $12...

GOLD Gold has traded actively today between $1,366 to $1387 per ounce, waiting for some guidance from the world’s commodity markets. At 11am PDT today, Gold is at $1,379 per ounce, down $8 per ounce on average volume. SILVER Physical demand for Silver investment products continue to be excellent as the U.S. Mint reports that 23,229,000 1oz Silver Eagles have...

GOLD After Friday’s $30 decline in Gold in the U.S. Market, this morning Gold stabilized and rallied higher on sizeable physical demand. Today, Gold traded between $1,375 and $1,388 per ounce. At 11am PDT today, Gold is trading at $1,387 per ounce, up $3 per ounce on sizeable demand. France Prohibits Sending Currency, “Coins and Precious Metals” By Mail A...

GOLD The U.S. reported stronger-than-expected jobs growth of 175,000 for the month of May. This number could encourage the Federal Reserve to start slowing its $85bn-a-month in asset purchases, but is unlikely to be strong enough to trigger such a taper when the central bank meets next week. This news caused the U.S. equity markets to rally sharply while Gold...

GOLD Gold opened higher this morning, reaching $1,423 per ounce, as the U.S. Dollar weakened further against the Euro following the European Central Bank (ECB) decision not to change its lending rate and to cut its 2013 growth forecast. At 11am PDT today, Gold is up $13, trading at $1,414.00 per ounce on above average volume.   SILVER Silver rallied...

GOLD Gold rallied this morning in Asia, moving back above the $1,400 level, on news that Chinese Gold imports are likely to increase dramatically after more than doubling to an all-time high in March. Retail consumers have pounced on Gold in the past two months when prices plunged to a two-year low. In the U.S., Gold rallied after private-sector employment...