Gold had another volatile trading session

Gold had another volatile trading session on Thursday, dropping below $1,370/oz before recovering to close just below $1,380/oz. The metal has failed to hang onto its gains however, and after trading sideways during overnight trade on Thursday, has come back under pressure from a stronger US dollar and is again trading below $1,370 heading into the afternoon.

The waning safe-haven interest in gold and silver is reflected in the recent changes in ETF holdings, with the SPDR Gold Trust holdings falling by 3.79 mt to 1,272 mt - the lowest since last June, while iShares Silver Trust holdings fell by 4.38 mt to 10,917 mt. All it takes is another little wobble in confidence to see the interest come back, however, for the moment the current run of
solid macroeconomic data is pushing those lingering concerns over Europe and inflation into the background.

The fall in gold prices has seen increased physical demand emerge however, with the drop below $1,390 sparking significant interest. This should help lend background support to prices.


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