Morning Gold Fix – November 1, 2010
FMX | Connect – www.fmxconnect.com - (Reported 11/01/2010)
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 $1357.60 per 100 troy ounces on Friday, a net gain of $15.10 for the day.
December gold was up $2.2 to $1359.80 per 100 troy ounces as of 8:00 AM EST this morning. The December U.S. dollar index was down .147 to 77.310. January platinum was up $14.0 to $1721.10 per 50 troy ounces. December silver was up 27.1 cents to $24.835.
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In the News
Bloomberg (Reported 11/01/2010)
“Gold may gain in New York as a weakening dollar boosts demand for precious metals as an alternative investment. Silver jumped to a 30-year high of more than $25 an ounce and palladium reached a nine-year high.
The U.S. Dollar Index, a six-currency gauge of the greenback’s strength, fell to a one-week low on speculation the Federal Reserve will this week announce further measures to keep borrowing costs low to spur growth. Gold futures, which usually move inversely to the greenback, reached a record $1,388.10 an ounce on Oct. 14.” Gold May Gain on Weakening Dollar; Silver Rises Above $25 to 30-Year High.
Reuters (Reported 11/01/2010)
“Gold jumped to a two-week high on Monday as investors expected more declines in the dollar ahead of a U.S. Federal Reserve's policy meeting to shore up
the economy, while silver and palladium hit multi-year peaks.
Chart-based buying also picked up after bullion surpassed a key resistance of $1,350 an ounce on Friday, lifting silver XAG= to its highest since early 1980 and palladium XPD= to a 9-year high. Gold hit a record of around $1,387 in mid-October.” PRECIOUS-Gold rises to 2-week high on dollar; silver soars.
NS Futures (Reported 11/01/2010)
“Gold and physical commodities were probably lifted ovenight in the wake of favorable economic data from China and India overnight. In addition to mostly supportive economic information overnight, the Chinese government might have fanned interest in gold by their ongoing concerns toward inflation and specifically rising commodity prices.
While equity markets in Asia were mixed, stocks markets in Europe are generally stronger this morning. US stock indices are higher during the early Monday trade.” Daily Metals Commentary.
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