Gold
Gold steadied on Friday as the dollar index reversed earlier losses but
it is still taking its direction from the currency markets. The dollar
remains in a very tight range ahead of a Federal Reserve meeting next
week. Furthermore, the lack of any sell-off in gold in the wake of the
latest IMF gold sale would indicate that the effect of these sales is
already factored into the price. The IMF also declared that it “should
continue to hold a relatively large amount of gold among its assets,
not only for prudential reasons, but also to meet unforeseen
contingencies."
Gold is currently trading at $931/£564/€669.
Silver
Silver opened weaker this morning and has dipped below $14, currently trading at $13.98.
Platinum Group Metals
Platinum also opened weaker this morning, losing $18 in morning trading
alone. The raft of recent news items (strikes, temporary closure of
equipment) in South Africa should still offer a level of support for
the metal, but this sell off could indicate a short term bearish
sentiment for the Group. Platinum is currently trading at $1187.
