Gold edged higher during Monday sessions – the spot gold price was last at $1,095.6/1,096.4 per ounce, up $1.90 on the previous close. Trade has ranged from $1,089.9 to $1,098.5 so far.
“The precious metals seem to have put in bases and are getting some lift, but whether rallies can get going from here is another question. Like the base metals, if rallies do get going then short-covering could add fuel,” William Adams, FastMarkets head of research, said.
Over the weekend Chinese CPI came in a 1.6 percent, which was better than the previous reading of 1.4 percent, but PPI continued to drop, falling 5.4 percent, compared with a drop of 4.8 percent previously – this was the largest fall in PPI since November 2009.
This morning, economic data out of Japan was mixed with bank lending rising 2.6 percent, the economy watchers sentiment was better than the previous month, but consumer confidence edged lower. Later we get EU Sentix investor confidence and US labour market conditions index, plus FOMC members Stanley Fischer and Dennis Lockhart are speaking.
Silver was little changed at $14.90/14.95. Platinum at $966/971 climbed $7 and palladium at $598/603 was unchanged.
The post Gold price moves higher, await further direction appeared first on The Bullion Desk.
No comments:
Post a Comment