Gold In Dollars Has “Hallmarks Of Market That Bottoming”
By: GoldCore
GoldSeek.com
Friday, 17 April 2015
MARKET UPDATE
Today’s AM LBMA Gold Price was USD 1,204.55, EUR 1,113.83 and GBP 801.86 per ounce.
Yesterday’s AM LBMA Gold Price was USD 1,204.60, EUR 1,131.19 and GBP 811.40 per ounce.
Gold fell 0.29 percent or $3.50 and closed at $1,199.00 an ounce on yesterday, while silver rose 0.18 percent or $0.03 closing at $16.29 an ounce.
In Singapore gold was at $1,200.80 an ounce near the end of day trading. In late European trading gold is at $1,205.31 an ounce or up 0.52%. Silver is at $16.44 an ounce or up 0.87% while platinum at at $1,165.67 an ounce or up 0.41%.
Gold remained firm above $1,200 an ounce today with the weaker dollar, negative economic data and concerns about a Greek debt default supporting this week. Greece’s government has been dead locked in talks over harsh measures to its bailout loans. Germany’s Finance Minister said an agreement next week would be unlikely increasing the likelihood of a default.
For the week, in dollar terms gold is $2 or marginally lower, while silver is down 0.3% and platinum is down nearly 1%. Palladium is outperforming and is up 1% and is having its third straight weekly gain.
The marginal losses are the first loss since the week ended March 13. After recent sharp gains in euros terms in particular and indeed in sterling terms, gold was weaker in both currencies this week.
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