May 09 2008
Gold Investments Market Update
Gold
A firm note tracked the Gold price overnight and it is currently $888.90. Closing above $880 adds to that positive tone and the next resistance level stands at $897. The London AM Gold Fix at 1030 GMT this morning was at $887.25, £453.906 and €573.604 (from $872.25, £445.48 and €568.61 yesterday).
Inflation still remains the main focus of the ECB despite the recent weak Eurozone data. Trichet’s tone remained steadfast and soft language was not on the menu at yesterday’s press conference following the interest rate decision. The BOE also left interest rates on hold yesterday amid recent negative economic data. Overall, the market expected both outcomes.
Today’s Data and Influences
Economic Calendars across the U.S., Eurozone and the UK are barren of any major influence with U.S. trade figures the highlight of the day.
Silver
Silver continues to track gold and currently trades at $17.00.
PGMs
An announcement by UBS that they intend to launch an Exchange Traded Note for platinum resulted in a major rally on the metal. The Exchange Traded Note is not the same as an ETF and will not be backed by the physical metal in the same way. However, a positive tone is set to continue as the new note is expected to open up the market to more investors. Platinum is looking to break $2100 and with it a test of the all time highs.
Platinum is trading at $2089 per ounce (1200 GMT).
Palladium is trading at $438 per ounce (1200 GMT).
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