Daily Market Report

GOLD This morning, Asian Gold traded at a yearly high of $1,796 per ounce on active volume. When the U.S. unemployment number showing a decline to 7.8%, for the month of September was released, Gold quickly sold off to $1,772 per ounce. Then the bulls came back, and Gold rallied back. At 11am PDT today, is trading at $1,778 per...

GOLD Gold moved up to its highest price since last November this morning, starting to test the key psychological level of $1,800 per ounce, as the European Central Bank elected to keep interest rates at ultra-low levels. Gold and Silver also rallied after data showed that applications for jobless benefits increased 4,000 to 367,000 in the week ending September 29...

GOLD Gold continues to consolidate, trading in a very narrow $10 range all day with low/high between $1772 and $1782 per ounce. If the price pattern of the past seven weeks continues, we should see a nice rally tomorrow or Friday, so if you are considering adding to your Gold position, do it today. At 11am PDT, Gold is trading...

GOLD Today was definitely a consolidation day for Gold, as the price stayed within a $14 low/high price range. At 11am PDT Today Gold is trading at $1,775.60, down $4.20 per ounce. I believe we are going to see many more central banks following the lead of the European Central Bank, the U.S. Federal Reserve, Chinese Central Bank and the...

GOLD Gold opened lower this morning due to a stronger U.S. Dollar versus the Euro on reports of Spain struggling to reach a solution to its debt problem. Then Charles Evans, the president of the Chicago Federal Reserve Bank, spoke on CNBC. He said, “The Federal Reserve’s third round of bond purchases will likely have to last through 2013 until...

GOLD As today is the end of Gold trading for the third quarter, let’s look at the performance of Gold during this period. For the 3third quarter of 2012, Gold has increased $168 per ounce (10.4%). With Gold trading at $1,772 per ounce at 11am PDT today, that means for the month of September, Gold has increased $85 per ounce...

GOLD Weaker U.S. economic data (see below) has led to a weaker U.S. Dollar, and stronger energy and precious metal prices. Today’s Gold rally makes it seven weeks in a row that the largest weekly increase in price has come on a Thursday or Friday. At 11am PDT Today, Gold is up $25.70 per ounce, trading at $1,777.90 per ounce...

GOLD Weakness in the Euro today has driven up the value of the U.S. Dollar and a stronger Dollar is negative for Gold. Therefore, today we finally saw a short term correction in the price of Gold. Gold briefly broke down below the key $1,750 support level, reaching $1,735 per ounce at one point this morning before major professional buying...

GOLD Gold rallied this morning based on reports of increasing physical demand for Gold and a press release from the IMF reporting new central bank buying of Gold in July and August. In India we are looking for strong Gold demand as the festival of Diwali approaches on November 13th.  At 11am PDT Today, Gold is up $2.30, trading at...

GOLD Gold prices fell early this morning in Asian trading. Talk that France and Germany are at odds as to when the currency zone should centralize banking supervision sent the precious metal falling amid profit taking. Germany is hoping to delay giving the European Central Bank more power to oversee the Eurozone’s financial institutions. Earlier this morning Gold dropped to...