Gold Monitoring Thread £ GBP only

[Go65]

1 hour ago, Paul said:

I missed a decimal point

Well…if you took that bucket off your head…

[bobski]

£1,861.66

[BLOOMMAN101]

8 hours ago, BLOOMMAN101 said:

PRECIOUS – Gold slips from record levels after hot US inflation data

14:20

 

CPI rose 0.4% on a monthly basis in March

 

U.S. dollar up 0.5%

 

Bullion hit all-time high of $2,365.09 per ounce on Tuesday

(Rewrites after US CPI data)

By Ashitha Shivaprasad

April 10 (Reuters) – Gold prices slipped from record-high levels on Wednesday as the U.S. dollar and Treasury yields firmed after a stronger-than-expected inflation print softened expectations of an early U.S. rate cut.

Spot gold fell 0.6% to $2,338.19 per ounce, as of 8:58 a.m. ET (1258 GMT). U.S. gold futures lost 0.1% to $2,360.7.

The U.S. dollar index rose 0.5% and U.S. Treasury yields spiked after the data, making non-yielding bullion less

attractive.  USD/
US/

A Labor Department report showed the Consumer Price Index (CPI) rose 0.4% on a monthly basis in March, compared with the 0.3% increase expected by economists polled by Reuters.

Gold prices stumbled with the stronger-than-expected CPI data contributing to expectations of later and fewer cuts by the Fed, said Tai Wong, a New York-based independent metals trader.

"However, let's wait and see; as gold has been resilient in the face of strong data during this remarkable run," Wong added.

Despite being known as an inflation hedge, bullion's appeal tends to fade in an elevated interest rate environment.

Bullion prices hit a record high of $2,365.09 on Tuesday.

HSBC said in a note that it expects to see a wide trading range of $1,975-$2,500 for gold prices in 2024.

"Escalating geopolitical risks significantly bolster gold as hot and cold conflicts, and a record number of elections this year, keep the risk thermometer high," the note added.

The Shanghai Futures Exchange on Wednesday said it will impose trading limits on its gold contracts, following a sharp price rally.

Strong buying from Chinese households is "due to the lack of alternative options that (these) households have for investment at the moment with the property sector in crisis and the stock market in the doldrums," said Kieran Tompkins, commodities economist at Capital Economics.

Spot silver fell 0.5% to $28.01 per ounce, after hitting a near three-year high on Tuesday.

Platinum edged 1% lower to $969.05 and palladium fell 1.9% to $1,071.75.

Spot gold price in USD per oz    https://reut.rs/3Je65F9

(Reporting by Ashitha Shivaprasad and Harshit Verma in Bengaluru; Editing by Shailesh Kuber) ((Ashitha.Shivaprasad@thomsonreuters.com;)

 Copyright 2024 Thomson Reuters. Click for restrictions.

I posted the above 8 hrs ago only just been approved interesting about the Chinese investing IMHO 

[9x883]

£1875

[goluckystayhappy]

Hit 1910 on BBP for a few minutes.

 

[James32]

2 minutes ago, 9x883 said:

£1875

Eh?

Just now, goluckystayhappy said:

Hit 1910 on BBP for a few minutes.

 

You serious?

I'm getting £1863 lol

[goluckystayhappy]

[9x883]

Short lived..  for now....   .         .

[James32]

1 minute ago, 9x883 said:

Short lived..  for now....   .         .

It's a premonition I tell you.

[AuricGoldfinger]

😳

[bobski]

£1,862.74

Today Change

0.34% £+6.31

Today high £1,910.86

 

Today low £1,843.61

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[James32]

What would cause a £50 spike and fall in minutes? Or has BBP not paid the WiFi bill.

[bobski]

1 minute ago, James32 said:

What would cause a £50 spike and fall in minutes? Or has BBP not paid the WiFi bill.

It's when they start up the 2-stroke abacus

[BLOOMMAN101]

[silversky]

1866.59 from trading view charts.

It's a tenner away from testing new highs, and hunting this weeks built up stop buys which are lurking above.  I thought it would at least have tested the 1830 region but not to be s far.  Maybe the Asian session will be used to hammer it into line.

 

 

[bobski]

£1,863.82

[silversky]

So what does Asia think?  Another up day for them?

[Agaupl]

I don’t think it will be Asia trying to slam it. If it comes it will be western. .. but who knows anymore ?!?

Edited April 11 by Agaupl

[apachebleu]

 BBP saying 1900 has been broken....

[silversky]

Sneaking upwards again.  1866

[bobski]

£1,867.08

[bobski]

£1,869.07

£1,869.42

[Chronos]

US Deficit Tops $1.1 Trillion For First Six Months Of Fiscal 2024 As Spending Hits 2024 High:

https://www.zerohedge.com/markets/us-deficit-tops-11-trillion-first-six-months-fiscal-2024-spending-hits-2024-high

[bobski]

£1,867.36

[bobski]

£1,868.47