Gold leaps and then gives back gains on Egypt Events

Gold bounced around in a broad range, finishing around 0.5% down as a wide range of factors competed with each other to drive the direction of the market on Friday. Most notably the market saw a significant fall from session highs on the resignation of President Mubarak in Egypt, which has been widely seen as a calming influence on tensions in the region. Time will tell if this is actually the case.

Silver suffered slightly worse, down around 1%.

At BullionSupermarket.com improved supply of 1oz Silver Eagle bullion coins appeared to be depressing premiums on small weight auctions with a steady stream of completing sales at premiums around 20% just prior to completion, possibly providing opportunity for buyers to pick off a bargain at good premiums.