Gold was bounded by a two dollar range below $652 during the entire Tocom session. London opened with profit taking, forcing gold down to$648.80 where emerged buying propelled the prices up to $650 levels.
Gold price and gold market news
Gold was little active in the Far East, hovering on both sides of $651.50. Selling around $652 capped the market while bids were seen below $651. In Europe the precious metal was weak in the beginning of the trading session, but then started to gain ground.
After yesterday’s rally gold spent a calm Asian session, trading in a tight range. Prices came under selling pressure and dipped below the $660technical level.
Gold was little active in the Far East due to Hong Kong National holiday. Tocom opened at $657 and after the peak of $657.80 was reached selling took the market lower. During the early European hours the metal was rather solid with the dollar little changed against the euro and Brent acting as a support.
Gold firmed after New York close Friday, but failed to break above $659 in Asia as offers around that level capped the upside. The metal remained firm the whole day, finding some support around the $656 level. In Europe spot quickly revisited the overnight high, underpinned by a drop in the dollar against the euro.
Constant selling kept pressuring the yellow metal overnight, forcing prices to settle slightly above $650. The downtrend continued during the early European hours and gold fixed at $650.60 an ounce on the first London fix, 15 cents lower than the previous AM one.
Gold firmed after NY close Wednesday, but failed to break above $652 as offers around that level capped the upside. Spending a very calm Asian session, the yellow metal closed slightly above the $650 key level.
The Bank of Spain´s recent gold sales are part of a strategy to shift its reserves into more profitable fixed-income tools, Spanish Finance Minister said.
There was very little interest in gold overnight. The market was constantly offered by the general public, but that was absorbed by fund buying, leaving the prices capped within a two dollar range.
Gold gained some ground after Wednesday close of $669.00. The metal continued to rally until the end of the session, bolstered by inflation concerns provoked by high oil prices.