Gold Market Awaits U.S. Retail Sales Data

By: GoldCore

Gold has been as high as $1,138.50/oz overnight and has consolidated on yesterdays higher close - the first in four trading sessions. Gold is currently trading at $1,138.50/oz and in euro and GBP terms, gold is trading at €772/oz and £698/oz respectively.

The dollar is slightly weaker this morning and that is supporting gold. As are concerns about the public finances in many countries internationally (Spain, Greece and the UK in particular). The positive economic data out of China shows the resilience of the Chinese economy and bodes well for physical demand for the Chinese New Year.

While economic recovery is gathering pace in China, there are real concerns about deepening inflation. Sovereign debt jitters look set to remain prevalent for the foreseeable future and this should contribute to providing a floor to gold above $1,000/oz. A more positive than expected US Retail Sales number today could see gold come under further liquidation pressure.

Silver
Silver dipped to $17.24/oz overnight but it has moved upward since. Silver is currently trading at $17.49/oz, €11.84/oz and £10.70/oz.

Platinum Group Metals
Platinum is trading at $1,429/oz and palladium is currently trading at $367/oz. While rhodium is at $2,175/oz.

The Bullion Services Team

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.