Morning Gold Fix – October 28, 2010
FMX | Connect – www.fmxconnect.com - (Reported 10/28/2010)
The following is a summary of yesterday’s US gold activity and a recap of Asia & European markets overnight. It includes our proprietary options analytics and news stories from industry professionals.
Summary
December Gold settled at $1322.60 per 100 troy ounces on Wednesday, a net loss of $16 for the day.
December gold was up $8.7 to $1331.3 per 100 troy ounces as of 8:15 AM EST this morning. The December U.S. dollar index was down $0.577 to $77.800. January platinum was up $7.0 to $1685.1 per 50 troy ounces. December silver was up $0.366 cents cents to $23.770.
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In the News
Bloomberg (Reported 10/28/2010)
“Barrick Gold Corp., the world’s largest producer of the metal, posted third-quarter profit that beat analyst estimates after an increase in output at the Cortez Hills mine raised overall production above forecasts.
Net income was $837 million, or 85 cents a share, compared with a loss of $5.35 billion, or $6.07, a year earlier, Toronto- based Barrick said today in a statement. Profit excluding some items was 84 cents a share, topping the 76-cent average estimate of 22 analysts surveyed by Bloomberg. Sales gained 36 percent to $2.78 billion.” Barrick Third-Quarter Profit Tops Estimates as Gold Production Increases.
Reuters (Reported 10/28/2010)
“Gold rose back toward $1,330 an ounce in Europe on Thursday as fresh dollar weakness reversed the previous session's decline, but trading was cautious ahead of Federal Reserve talks on monetary easing next week.
Spot gold was bid at $1,329.85 an ounce at 7:25 a.m. EDT, against $1,324.70 late in New York on Wednesday. U.S. gold futures for December delivery rose $7.40 to $1,330.00.” Gold recovers as dollar weakens ahead of Fed meet.
NS Futures (Reported 10/28/2010)
“A weaker dollar overnight has lent some support to gold after its setback yesterday in response to concerns that the Fed will “go slow” with quantitative easing. Indian gold trading was slightly lower overnight, and the market saw predictions of corrective actions from brokerage firm analysts.
While equity markets in Asia were mixed, stock markets in Europe are generally stronger this morning. US stock indices are moderately higher during the early Thursday trade.” Daily Metals Commentary.
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