Week in Review (5/5 -9): Gold remains strong despite losses

goldKey points :

  • Today’s AM fix was USD 1,289.00, EUR 933.25 and GBP 762.54 per ounce.
  • Yesterday’s AM fix was USD 1,291.25, EUR 926.03 and GBP 761.13 per ounce.
  • Gold fell $0.20 or 0.016% yesterday to $1,289.20/oz.
  • Silver slipped $0.14 or 0.73% to $19.17/oz.

As this week draws to a close, gold is holding steady around $1,290/oz, underpinned by strong chart support. Unless, it rises by some 1% today, it is set to fall marginally for a second week.

Despite the losses this week, the fundamentals remain sound. One of these key fundamentals are still ultra loose monetary policies. This week heard confirmation that the monetary policies of the Federal Reserve, ECB and Bank of England are set to remain ultra loose and in the ECB’s case may become even looser.

Among other precious metals, silver was up 0.1 percent at $19.15 an ounce, while spot platinum was down 0.6 percent at $1,424.40 an ounce and spot palladium was down 0.2 percent at $799.22 an ounce.

Platinum group metals prices have been supported by the geopolitical tension with Russia and the long running miners’ strike in major producer South Africa, currently in its sixteenth week.