The gold price continued to fluctuate just above $1,200 on Friday afternoon, with Greek uncertainty propping up the market in the face of heavy downside pressure.
Spot gold was last at $1,206.00/1,206.80 per ounce, down $2.10 on Thursday’s close. It has rattled around a $14 intraday range so far, with a dollar at 1.1350 against the euro.
Mixed data out of the eurozone this morning initially pushed gold to session lows of $1,201.60 – the French and German manufacturing PMIs both fell short of forecasts at 47.7 and 50.9 respectively, with the overall bloc number also disappointing at 51.1.
The services PMIs were positive, though, and probably stemmed the euro’s losses – the French and German readings at 53.4 and 55.5 respectively were both better than expected, as was the overall eurozone number at 53.9.
The rise in the US flash manufacturing PMI to 54.3 was the first since August and has provided some extra downside pressure on gold.
“This first month-on-month increase in seven months is very significant because it suggests a turnaround in the domestic manufacturing sector,” FastMarkets analyst Tom Moore said.
On the upside, uncertainty remains over whether Greece can reach a deal with its creditors on the country’s soon-to-expire bailout. Investors will continue monitor the situation closely.
The other metals were mixed – silver was last unchanged at $16.37/16.42 per ounce, while platinum is holding just above six-year lows at $1,161, down $6. Palladium was $2 lower at $777/782.
(Editing by Mark Shaw)
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