Asia's different objectives in buying gold

London (Sept 8)   The gold price closed at $1,268.80 up $5.90 on Friday in New York. In Asia and London, gold prices today were holding those levels. The gold price was Fixed at $1,267.25 up $3.25 and in the euro at €978.874 up €3.189 while the euro was weak at $1.2946. Ahead of New York’s opening, gold was trading at $1,264.80 and in the euro at €978.57.

Silver Today – The silver price closed in New York at $19.20 up 12 cents. Ahead of New York’s opening it was trading at $19.17.

Gold (very short-term) We expect gold to consolidate with a weaker bias, in New York today.

Silver (very short-term) We expect silver to consolidate with a weaker bias, in New York today.

Price Drivers

There were no sales or purchases of gold to or from the SPDR gold ETF or the Gold Trust, on Friday. The holdings of the gold ETFs stand at 785.725 tonnes in the SPDR gold ETF and at 165.23 tonnes in the Gold Trust.

Source: Mineweb