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May 2010 brought new closing highs for gold in all but two major currencies…
IT’S PRETTY RARE for gold to make a new monthly high for the year in May, let alone for all time.
But when it does (or so history suggests), new buyers might expect better-still prices come Christmas – and gold in 2010 just happened to finish May with a new record monthly close against all major currencies bar the Japanese Yen and Australian Dollar.
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THE PRICE OF GOLD edged lower in London dealing on Thursday morning, ticking back from an overnight rally in Asia as European stock markets also cut early gains.
The US Dollar rose on the currency market after the European Central Bank voted to keep its key interest rate on hold at a record low of 1.0%, despite new data showing both price-inflation and industrial output rising faster than expected in the 16-nation Eurozone.
The gold price in Euros moved in a tight range around €785 an ounce after unwinding two-third of this week’s 2.2% drop.
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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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