Gold was consolidating on Tuesday morning in London and should remain well bid while the uncertainty around the Brexit keeps commodity investors on the sidelines, market participants said.
– The spot gold price was last at $1,313.95/1,314.35 per ounce, down $10.25 on the previous close. Trade has ranged from $1,312.65 to $1,326.30 so far.
– “Gold prices are consolidating the strong gains seen on Friday – gold moved $108 between Thursday’s low and Friday’s peak so some profit-taking and consolidation seems likely, especially given how much potential profit is on the table given the increase in the gross fund long position in recent months,” FastMarkets head of research William Adams said.
– The dollar index is consolidating recent gains – it was last at 95.95, having peaked on Friday and Monday at 96.70, up from 93.44 on Thursday.
– All eyes today will be on the EU summit – UK Prime Minister David Cameron is to meet EU leaders for the first time since the UK voted to leave, prompting his resignation.
– In the other precious metals, silver was last slightly lower at $17.620/17.655 per ounce. Platinum at $975/985 was up $3 and palladium at $556/562 was $4 higher.
(Editing by Mark Shaw)
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Source: Bullion Desk News
