GOLD WEBCAST – Gold set to close week above $1,200 should markets remain quiet

Otmane El Rhazi from The Bullion Desk.

Gold continued its battle with the key psychological $1,200 level on Friday, and looks set to close up above this level should the dollar remain quiet for the remainder of the session. The gains coming from those rather dovish comments from Fed chair Janet Yellen earlier in the week with regard to monetary policy in the US, in particular those revisions to 2015 growth appearing to dampen the dollar and give gold a push. While the metal has been confined to a very tight intraday range so far – the latest developments in the Greek debt saga are enabling the dollar to pare some of its losses from earlier in the week, which looks to be the only risk on the table today – with Distinct lack of physical demand around at the moment – in Shanghai there’s good volumes on the SGE, but withdrawals are now down to their lowest for the year and there’s no real catalysts for demand in the short term.

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