Gold Could be Pushed into Uncharted Territory
By: Ben Traynor
U.S. DOLLAR gold bullion prices edged down to $1820 an ounce by Thursday lunchtime in London – 1.1% off the high for this week so far – while stocks and commodities dropped and government bonds gained following publication of weak European manufacturing data.
“The [gold] market is dead in this time zone,” said a Hong Kong gold bullion dealer this morning.
Silver bullion prices were also steady, holding around $41.60 – 0.5% above where they started the week.
“The power of the drop from $50 [earlier in the year] still overhangs silver so we would not be surprised at another sideways month in price action,” say technical analysts at bullion bank Scotia Mocatta.