2012-06-18

The gold price held firm near $1,625 per ounce last week after several worse than expected U.S. economic reports

The gold price held firm near $1,625 per ounce last week after several worse than expected U.S. economic reports.  last week the price of gold advanced modestly after reports surfaced that the world’s leading central banks were prepared to take coordinated action if necessary to stabilize financial markets in the aftermath of this weekend’s Greek elections.

Commenting on the outlook for the gold price, VTB Capital analyst Andrey Kryuchenkov wrote in a note to clients that “Not many will dare take on fresh longs ahead of the weekend given gold’s peculiar behavior recently, when it swings back and forth with or against risk sentiment…We should stall near this week’s highs below 1630, with all attention on Greece, and then the G20 summit next week.”
Gold shares also hugged the flatline in conjunction with the price of gold, as the Market Vectors Gold Miners ETF (GDX) dipped $0.02 to $46.91 per share.  The large-cap gold producers were mixed in morning trading, with Randgold Resources (GOLD) up by 1.5% at $93.33 per share, Yamana Gold (AUY) down by 0.9% at $16.17 per share, and Newmont Mining (NEM) unchanged at $50.69 per share.
In contrast to the gold sector, the broader equity markets clung to modest gains, with the S&P 500 Index rising 0.4% to 1,334.67.  In the currency markets, the U.S. Dollar Index (DXY) fell 0.3% to 82.10, while the euro rose 0.2% to 1.2631 against the dollar.

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