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07 January 2011

Volatile Gold Stems Losses in London afternoon trade

Gold bounces from support at $1355 per troy ounce level

Gold stemmed losses on Friday afternoon in London having sunk as low as $1355 per troy ounce during the day. At time of writing, Gold was trading at around $1377 per troy ounce.

Gold has had a torrid week with the price dip exacerbated by a rise in the Dollar on the back of positive US employment, as well as many players in the market taking profits on Bullions recent good run at end of 2010. Golds ugly sister Silver has also suffered, falling back almost a dollar below the $30 per troy ounce mark.

Premiums in the fixed price coin and bar market appear to have stayed broadly in line with lower prices, which is slightly unusual as inertia in asking prices tends to inflate premiums when the price of the metal falls. This may indicate faster turnover in the coin and bar market, which in turn can be indicative of robust demand. Premiums on fixed price 1 oz Gold Bars in the United States actually fell slightly to 18.87%

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