GOLD WEBCAST – Gold price continues to lack direction

Otmane El Rhazi from The Bullion Desk.

Gold prices climbed moderately after the release of US GDP data confirmed expectations from market participants that the economy contracted in the first 3 months of the year. Spot gold was last seen back around the $1,190 mark, having lacked direction for the most of the week in the face of a relatively stronger dollar and mixed messages from Greece on the state of negotiations. The market is also awaiting signals from Brussels where Greece is meeting with creditors again today to thrash out a deal to secure the funding it needs to service its debts In other metals, silver was last seen around $16.80 per ounce while platinum was at $1,120 and palladium around $780.

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