Morning Gold Fix – October 29, 2010
FMX | Connect – www.fmxconnect.com - (Reported 10/29/2010)
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 $1342.50 per 100 troy ounces on Thursday, a net gain of $19.90 for the day.
December gold was up $4.9 to $1347.40 per 100 troy ounces as of 8:00 AM EST this morning. The December U.S. dollar index was up .202 to 77.395. January platinum was up $9.10 to $1701.10 per 50 troy ounces. December silver was up 29.5 cents to $24.17.
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In the News
Bloomberg (Reported 10/29/2010)
“Gold fell in London as a stronger dollar curbed demand for the precious metal as an alternative investment.
The dollar gained against the euro after yesterday dropping the most in a week. Gold, which usually moves inversely to the U.S. currency, climbed 1.4 percent yesterday, the most since Oct. 13. Holdings in gold-backed exchange-traded products slid for a 10th day yesterday, Bloomberg data show. Prices reached a record $1,387.35 an ounce on Oct. 14.” Gold Declines as Stronger Dollar Erodes Demand for Alternative Investment
Reuters (Reported 10/29/2010)
“Gold eased in Europe on Friday as the dollar firmed amid caution ahead of a U.S. Federal Reserve policy meeting next week, while palladium hit its highest in 9-1/2 years on expectations for a tightening market balance.
The Fed is expected to discuss the prospect of further U.S. monetary easing at the meeting starting on Tuesday, which could have a major impact on the dollar and inflation expectations, both of which are likely to prove significant for gold.” Gold dips as dollar firms ahead of U.S. data, Fed.
NS Futures (Reported 10/29/2010)
“The gold market made some early attempts to rally this morning, but in the wake of slightly weaker Indian gold price action overnight and strength in the Greenback, the initial bullish buzz was seemingly reversed. While the US Treasury market was hearing talk that the Fed might still be considering somewhat aggressive easing action, that action hasn’t resulted in the typical response in the currency markets.
While equity markets in Asia and Europe are generally weaker this morning U.S. stock indices are lower during the early Friday trade. The Dollar is stronger against most of the major currencies during overnight trading, although losing ground versus the Yen.” Daily Metals Commentary.
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