What Not Online Auctions

HomeBullion & Precious MetalsPrecious Metals Market Report: Gold gains on dollar, physical buying - November...

Precious Metals Market Report: Gold gains on dollar, physical buying – November 11

Precious Metals Market Report by Bill Musgrave – American Gold Exchange

Gold picked up 0.3% in thin trade to close at $1,163, then added another $5 after hours as a softer dollar and rising physical demand in Asia and Europe boosted the metal.

Gold MarketsAs Japan struggles with persistent disinflation and crumbling consumer sentiment, Prime Minister Shinzo Abe suggested that he might delay the implementation of a sales tax, and call for a snap Parliamentary election to shore up support for his economic policies. The news helped the dollar rise to a new seven-year high versus the yen, although the greenback fell against most other major rivals, supporting higher gold prices.

Germany is on the brink of a recession in part because of falling exports to emerging markets, according to the respected Ifo research institute. With trading partners Brazil, Russia, and China experiencing major economic downturns, Germany is selling fewer goods overseas, leading its advising economists to cut growth forecasts to 1.2% this year and just 1% in 2015.

Reuters reported that lower prices and rising concerns about economic weakness are triggering an increase in physical gold buying in Europe and Asia, especially China, and may help to underpin gold prices in the short term.

The other precious metals were near-flat to slightly higher. Silver and platinum finished virtually unchanged while palladium gained 0.8%.

At the Comex close: December picked up $3.20 to $1,163; December silver added a cent, to just under $15.68; January platinum dipped 20 cents to $1,206.70; and December palladium gained $6.45 to $772.70 an ounce.

Related Articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.