Daily Market Report

GOLD Gold has been on the defensive most of the day, reaching a major support level low of $1,550 per ounce earlier today. Yesterday and today’s $48 correction in the Gold price was mainly caused by the report from SPDR Gold Shares (GLD) --- the most popular paper Gold ETF ---of an eight metric tonnes drop in their Gold holdings...

GOLD Gold dropped to a low of $1,573 this morning as strength in the US Dollar ($1.27 to the Euro) increased from reports of weak manufacturing data and increasing unemployment in the Eurozone. Gold’s weakness was also caused by an increase in US equities following upbeat sales data for car makers and global investors escaping from weak European countries. At...

GOLD The Gold price continues to stay in a very tight trading range, as many European financial markets are closed for the Easter Monday Holiday. Today’s high/low has ranged from $1,601 per ounce, to a low of $1,594 per ounce. At 11am PDT today, Gold is trading up $3.50 per ounce, at $1,600.50 per ounce on light volume. Gold’s consolidation...

GOLD & SILVER Precious Metal Markets are closed today in celebration of Good Friday. The markets will be open on Monday.

GOLD It appears that Gold is consolidating in a $1,590 to $1,610 per ounce trading range, awaiting some clear results from the Eurozone on polices to deal with the current financial crisis in Cyprus. We continue to see sizable physical demand for Gold, and selling of ETF paper Gold. At 11am PDT today Gold is trading at $1,597, down $9...

GOLD Today was a very bullish day for Gold owners. Earlier this morning in the Asian markets Gold traded down to as low as $1,590 per ounce on lackluster interest. At that point a major and very aggressive buyer appeared who made a sizable purchase (Central Bank?), rallying the market back above the key $1,600 per ounce resistance/support level. This...

GOLDGold fell below the key $1,600 per ounce support level this morning after Cyprus averted a financial crisis and clinched a last-ditch rescue deal. The European Central Bank is working to calm anxiety that this bailout could have negative implications for other Eurozone countries. At 11am PDT today, Gold is trading at $1,597 per ounce, down $6 per ounce on...

GOLDCyprus reached an eleventh-hour €10bn bailout deal with international lenders this morning that avoids a controversial levy on bank accounts, but will force large losses on big deposits in the island’s two largest lenders. The deal will allow the European Central Bank to keep its emergency lifeline open to Cypriot banks on Monday, preventing a meltdown of the financial sector...

GOLD Today, Gold is trading near a four week high, underpinned by safe-haven demand (on the fear of a potential financial meltdown in Cyprus) which has put bullion on track for some serious price appreciation. If the Cyprus government does not come up with a solution to clinch an international bailout, it faces a collapse of its financial system and...

GOLDAfter Gold trading ended in New York yesterday, the Federal Reserve made an announcement that it would stick to its stimulus plan, and keep its federal funds rate target unchanged at a record low range of 0 to 0.25%. This is good news for Gold in the long-term, as the Fed believes that the economy will see some moderate growth.Today...