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Gold Silver Reports (GSR) — GOLD PRICES rose against all major currencies but leapt versus the Euro on Tuesday as the coalition government in Italy refused to cut its 2019 budget deficit plans in defiance of senior European Union figures.
The global spot silver ($14.65 per ounce) looks much stronger than gold and is likely to outperform in the coming weeks as expected. It seems to have formed a strong base around $14 and could be gearing up for a fresh rally.
Gold is struggling to get fresh buyers that would take it decisively above the psychological level of $1,200. The yellow metal tumbled last week and made a low of $1,181 per ounce. However, it managed to bounce from those levels, recovering some of the loss, and closed at $1,191 per ounce, down 0.7 per cent for the week.
Gold prices held close early Friday to near six-week lows hit in the previous session, as the dollar firmed after upbeat US economic data supported the Federal Reserve’s resolve for steady interest rate hikes over the next year.
US gold futures were up 0.1 per cent at $1,200.40 an ounce.
Spot gold had risen 0.2 per cent to $1,196.21 as of 0057 GMT. On Wednesday, the metal touched its lowest since September 11 at $1,190.93 an ounce.
In futures trading at Multi Commodity Exchange, gold for delivery in October was down Rs 42, or 0.14 per cent, to Rs 30,800 per 10 gram in a business turnover of 177 lots.