Daily Market Report 10/4/12

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, less than economists expected. 

Today’s Gold rally makes it eight 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 $15.70 per ounce, trading at $1,793.10 per ounce on heavy trading. Gold did hit $1,796 per ounce in early trading, the highest price of 2012. 

SILVER

In the face of a strong Gold price, Silver is having a difficult time staying above the $35 per ounce resistance level. In early morning trading, Silver easily moved above $35 as Gold rallied above $1,790, then we saw heavy selling and Silver retreated back below $35 per ounce. At 11am PDT today, Silver is trading at $34.97 per ounce, up $0.22 per ounce on heavy volume.

PLATINUM & PALLADIUM

Both Platinum and Palladium are having a very positive reaction from negative mining news from South Africa and a strong Gold price. The spot Platinum price is up $32 per ounce, at $1,717, while Palladium was up $19 per ounce, at $675.50.