us dollar

THE PRICE OF GOLD regained a third of yesterday’s 2.5% plunge in London dealing on Wednesday, bouncing as the US Dollar eased back and Wall Street futures pointed higher from Tuesday’s 1.0% drop.

By the time New York traders reached their desks, gold priced in Dollars stood little changed from last week’s close at $1137 an ounce.

US crude oil contracts meantime dropped below $80 per barrel as Asian stock markets closed sharply lower, catching up with Tuesday’s late announcement from the Chinese central bank that it’s raising the amount of cash commercial banks must keep in reserve to 16% of deposits.

Domestic lending in China – now the world’s No.1 private consumer of physical gold – grew 32% in 2009. Local reports, quoted by the London Times, say an extra $86bn was lent in the first 5 days of this month.

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THE PRICE OF GOLD was little changed Thursday morning in London, recording its lowest AM Fix since Nov. 13th at $1125 per ounce as the US Dollar held onto this week’s rally on the currency market.

Both the Swiss and UK central banks kept their key interest rates at historic lows of 0.25% and 0.50% respectively.

Gold priced in Euros and Sterling hit new 3-week lows below €762 and £690 an ounce.

The Paris stock-market fell hard on news the French government is following London with a one-off 50% levy on banking bonuses.

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THE PRICE OF GOLD bounced from a new 3-week low of $1125 in Asia and London on Wednesday, rising back above what several analysts called “key support” at $1138 as the US Dollar eased back on the forex market.

European equities moved in a tight range, unchanged from nine weeks ago.

The gold price for UK and Euro buyers ticked higher from early two-week lows, trading just shy of £700 and €775 respectively by lunchtime in London.

“We could see some people very excited to get back into gold,” said Bernard Sin, head of forex and metals dealing at MKS Finance, a division of the Swiss refinery group.

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THE PRICE OF GOLD sank through $1200 an ounce for the first time in 3 days on Friday, falling fast to $1190 and below on news that US unemployment rose by just 11,000 last month.

Wall Street analysts had expected 111,000 job losses for November. The unemployment rate ticked down to 10.0%.

“We are bullish while [gold] achieves fresh highs, but cautious of any quick reversal,” said the latest technical analysis from Scotia Mocatta this morning, suggesting a trailing stop loss “below 1183 for short-term traders.”

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