The Gold Economy

Gold rises at end of week despite negative sentiment

Gold closed the week at $ 1661.30, a fraction better than last week’s closing level of $1659.30.

Though global economic news came in mixed this week, with the United States mixed, though more positive than elsewhere, sentiment seemed to turn against gold with the yellow metal hitting a ten-week low of $1628 on Thursday before recovering to post a modest gain on the week.

Poor manufacturing indicators from China and… Continue reading

Gold Falls to Lows as Focus turns to Equities

Gold closed the week at a multi week low of $1659.30, down more than 3% on the week..

Economic news throughout the week was generally good in the United States, meaning that investor focus has once more turned to equities. Indeed, America’s major equity indices rose by around 2.5%, recording three and four year highs, with the Nasdaq recovering to levels not seen since the fourth quarter of 2000.

Though… Continue reading

Gold Bounces from Technical Support and Consolidates

Gold closes the week almost unchanged from last week’s close, at $1713.20.

Gold was chased lower in the middle of the week as investment markets plunged with rumors that the Greek debt swap for private creditors had fallen apart. Such an event would have caused the country to miss deadlines for its $130 billion bailout funds, and sent the indebted nation into default. However, Thursday saw the deal accepted by 83% of creditors… Continue reading

Gold struggles to remain above $1700

Gold closes the week down 3.4% at $1711.80.

Having spent the beginning of the week marking time, gold was hit hard on Wednesday as the US Fed Chairman, Bernanke, dampened speculation for further monetary easing. Elsewhere, mixed economic news should have proved the catalyst for further gains in the gold price.

While the Greek bailout has been sealed, the EU awaits certain assurances before releasing the full €130 billion. This said, with figures last week showing the European… Continue reading