Gold edged lower on Friday morning in London while the dollar rebounded slightly – still, more upside is likely for the precious metal, market participants noted.
– The spot gold price was last at $1,335.70/1,336.00 per ounce, down $2.15 on Thursday’s close. Trade has ranged from $1,334.75 to $1,339.65 so far.
– Gold weakened on Thursday after the European Central Bank stood pat, more hawkish rhetoric from Fed speakers and stronger-than-expected unemployment claims data.
– “While precious metals prices rose a week ago in the wake of the US employment report to challenge resistance levels, they have run into selling and are now drifting lower again while seeking support. We expect dips to remain well supported and we remain bullish overall,” FastMarkets’ William Adams said.
– The dollar index is either side of 95 after slipping to a two-week low of 94.46 on Thursday. It was last at a little-changed 94.93.
– In the other precious metals, silver was last at $19.490/19.520 per ounce, down 10 cents. Platinum edged $1 lower to $1,077/1,087 and palladium at $681/690 was $2.50 higher.
– The global platinum market will record a 455,000-ounce deficit in 2016, according to the latest Platinum Investment Council forecast – deeper than the 135,000 ounces it projected previously.
(Editing by Mark Shaw)
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Source: Bullion Desk News