GOLD CLOSES AT HIGHEST PRICE IN FIVE WEEKS
Gold closed the trading week at its highest price in five weeks on strong words from European leaders and anticipation of fiscal stimulus by the United States Federal Reserve. “It seems the ECB is pulling out at all stops to protect the euro,” said William O’Neill, a partner at Logic Advisors.
Gold has been moving in relatively close correlation with the euro lately, and with more European leaders publicly making very strong statements about doing everything necessary to support the multinational currency, markets have pushed the euro up, with the currency to close the week with its first weekly gain against the American dollar since June.
Oil, which often moves in correlation with Gold, rose in four of the five trading sessions this week. “Financial markets see a benign mix of gently rising risk appetite as worries over an imminent eurozone disaster ease and prospects for another U.S. stimulus increase,” said Carsten Fritsch, oil analyst at Commerzbank. Tensions between Western governments and Iran continue to cause anxiety in oil markets. Iran has taken further step to try to skirt Western sanctions and shows no sign of slowing its quest for nuclear power.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,624.50, Up $7.40.
- Silver, $27.81, Up $0.26.
- Platinum, $1,412.00, Up $6.40.
- Palladium, $578.30, Up $7.40.
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