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07 May 2010

Gold Prices hold above $1200 as Euro Panic Eases

Gold Price holds above $1200 / 950 Euros and £810 as safe haven buying eases

Gold Prices held above $1200 as Greece sovereign debt contagion panic eased on the markets Friday and the Euro recovered some of its losses towards the end of european trading. Meanwhile Silver prices climbed back above $18 encouraged by Gold Price consolidation.

In the UK, as the general election result produced the expected hung parliament, sterling see-sawed, trading 0.2% higher against the dollar at $1.4789 having hit a 13-month low of $1.4475. The afternoon sterling LBMA Gold Fix was at £818.58 per troy ounce, with the Silver Fix at £12.06.

While the last two days have seen strong interest at, with price comparisons significantly up, actual transactions were below average, as Physical buyers let the dust settle. We at will be following Gold and Silver traffic and Premiums very carefully over the busy weekend period to gauge just how buyers react to higher prices.

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