Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By BullionVault.com (Reporter)
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

Gold Price Hits 3rd Lowest Weekly Close Since 2010 as Greek Deal Looms, China Stocks Rally Again

Friday, July 10, 2015 8:52

% of readers think this story is Fact. Add your two cents.

Adrian Ash is head of research at BullionVault, the world-leading gold trading & ownership service online…

GOLD PRICES fell in London on Friday, nearing a 0.7% loss for the week in Dollars and falling harder against the Euro as China’s stock market extended its bounce from July’s earlier plunge, and European shares rose on optimism a Greek bail-out deal can be struck at the weekend’s key summits.

Falling to €1035 per ounce as the single currency rose on the FX market, the gold price in Euros broke below its tight €20 range of the last 6 weeks.

Dollar gold prices meantime recorded their 3rd lowest weekly close of the last 5 years at the benchmark London auction, fixing at $1162.40.

“Euro gold under pressure given the optimism over a deal,” notes the trading desk at ICBC Standard Bank in London.

“If the Greek proposals were to be rejected,” reckons a note from commodity analysts at Germany’s Commerzbank, “short-term turmoil on the financial markets and a rising gold price would be likely at the beginning of [next] week.”

But “whether any of the present instability in China or Europe could or should support gold prices,” says Mitsui Global Precious Metals, “remains a moot point.”

Looking at the key Asian markets, Mitsui adds that “physical demand is somewhat brisker than the premiums might suggest, but existing stockpiles in the Far East continue to feed demand with ease.”

Typically priced at a premium to London wholesale bullion quotes, gold in India – the world’s largest consumer nation until overtaken by China in 2013 – widened to the equivalent of an $8 discount per ounce on Friday according to local traders.

Shanghai gold premiums meantime recovered to 75 cents per ounce on China’s main domestic contract, but were wildly volatile for both 100-gram and kilobar contracts on the city’s international gold market.

Briefly overtaking the main domestic contract’s trading volume in April, the Shanghai Gold Exchange’s international kilobar contract today saw the lowest turnover since Tuesday recorded the first zero-day since it launched last September.

The SGE today launched its new “Shanghai-Hong Kong Link“, enabling trading in the offshore city state to trade directly onto China’s only legally-approved bullion market, cutting their set-up costs.

“The Chinese would rather buy cheap blue chips in the stock market,” Reuters earlier quoted Dick Poon at German refiner Heraeus’ Hong Kong office, looking at the second 5% equity bounce in two days.

“I don’t think they have any intention to buy gold for the time being.”

Formerly City correspondent for The Daily Reckoning in London and head of editorial at the UK’s leading financial advisory for private investors, Adrian Ash is the editor of Gold News and head of research at BullionVault – winner of the Queen’s Award for Enterprise Innovation, 2009 and now backed by the mining-sector’s World Gold Council research body – where you can buy gold today vaulted in Zurich on $3 spreads and 0.8% dealing fees.

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

Source: https://www.bullionvault.com/gold-news/gold-price-071020151

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).

Comments

Online:
Visits:	1,599,176,594
Stories:	8,138,299