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06 May 2010

Gold Price pops above $1200

Gold jumps to five month high and sets all time records in Euros and Sterling

After an uncertain start in London at the open of the market, Gold today found sudden vigor, jumping to touch the $1200 mark, not seen for some 5 months.

Gold also sets a new all time record in Sterling and Euros as Election Uncertainty in the UK and wider sovereign debt and Greece contagion concerns continued to weigh on the euro-zone currency. At time of writing Gold was over £800 per ounce in sterling and 940 Euros.

Silver however failed to draw inspiration from its yellow sibling, ending the day more or less flat.

Premiums on 1 troy ounce Gold were low as physical prices lagged the jump in exchange prices. 1 oz Gold ingots were priced at about 3.2% over fix this evening in London. Physical prices are likely to remain low and premiums depressed, as buyers wait to see if the jump in prices is sustained or not.

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