Daily Market Report

GOLD Gold has traded in a very narrow $8 per ounce price range this morning. The tug of war in the Gold pit continues (see my Weekly Market Report for 3/11 for more details) and Gold is building a strong base. At 11am PDT Today, Gold is trading at $1,579 per ounce, up $1.40 per ounce on average volume.  Physical...

GOLD Gold is surprisingly higher with trading in a narrow price range based on two bearish events. 1) A rally in the U.S. Dollar today, now trading under $1.29 versus the Euro.2) The U.S. government said today that the economy added 236,000 jobs in February – much stronger than the prior month. The unemployment rate fell to 7.7% from 7.9%. A...

GOLD Gold prices slipped on Thursday after the European Central Bank (ECB) gave no clear hints of further monetary easing. Since the ECB had been expected to cut inflation and growth forecasts, many market analysts felt that during the recent meeting the ECB would lower interest rates. At 11am PDT today, Gold is up $1 per ounce, at $1,576 per...

GOLD Gold is trading in the $1,566 to $1,584 per ounce range this morning in Asia, Europe, and the U.S. Many dealers in Asia reported an increasing demand for physical Gold/Silver bullion investment products, in contrast with exchange traded funds (ETFs) such as GLD, which continue to see selling. One precious metal analyst calls it a "tug of war" between physical...

GOLD Gold is staying in a very narrow $14 high/low trading range today. At 11am PDT today Gold is trading on light volume up $4 per ounce, at $1,576 per ounce. I just read an interesting article from the well-respected banking firm Morgan Stanley called “The Gold Bull Market Isn’t Over, and The Reasons To Own It Are ’Evolving”. Please...

GOLD Continued strength in the U.S. Dollar (breaking below 1.29 to the Euro) is causing the weakness in the Gold market. Trading today was very lackluster in a tight range, awaiting fresh news from European leaders. CME Gold trading volume is at the low end of the recent range. At 11am PDT today Gold is trading at $1,572, down $2...

GOLD Reports of weak economic growth in Europe have led to a weaker Euro versus the U.S. Dollar today. A strong U.S. Dollar is bearish for Gold, and we are seeing Gold trade today between $1,571 and $1,588 per ounce on light volume. At 11am PDT today Gold is trading at $1,574 per ounce, down $4 on light volume.The short...

GOLD Gold traded above the $1,600 per ounce level briefly last night in Asia but couldn’t hold. This morning I saw some technical selling based on not holding $1,600, which drove the price down to $1,574 per ounce. At 11am PDT today, Gold is trading at $1,578, down $19 per ounce on average volume. SILVER The Silver price rallied in...

GOLD After a $42 rally in the past two days Gold traded lower today. An additional bearish factor is the U.S. dollar’s strength versus the Euro based on the Italian election results. After reaching a high of $1,618 per ounce yesterday Gold needs to stay above the key $1,600 support level. At 11am PDT today Gold is trading at $1,597...

GOLD The International Monetary Fund (IMF) released data today showing that Russia and Turkey had added 12.7 and 10.3 tons of Gold, respectively, in the month of January. This combined with Fed Chairman Ben Bernanke giving Congress indications that the Fed would not cut short the current quantitative easing program of purchasing assets at the rate of $85 billion per...