Friday 12 August 2011

Gold Surges in All Currencies in Tumultuous Week - XAU/CHF Up 5.5% WTD on Intervention and Euro Peg Concerns

  Gold $1,754.30/oz   Silver $38.32/oz   Platinum: $1,791.20/oz

Market Update
 

Gold Surges in All Currencies in Tumultuous Week - XAU/CHF Up 5.5% WTD on Intervention and Euro Peg Concerns

Gold has fallen today in all major currencies except the Swiss franc which has fallen on continued speculation of pegging the Swiss franc to the euro. Gold is trading at USD 1,754.30, EUR 1,232.10, GBP 1,078.70, CHF 1,349.30 per ounce and 134,357.00 JPY/oz. Gold is 5.1% higher in dollars week to date and 6% higher in euros and 6.6% higher in pounds or to put it correctly these currencies have fallen in value against gold.

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Cross Currency Rates

Gold's London AM fix this morning was USD 1,755.00/oz, EUR 1231.23/oz, GBP 1077.35/oz and gold fell sharply after the fix.

As we said yesterday there is a risk of a correction in the light of the CME margin increase but smart money is positioning itself to buy on the dip.

SILVER
Silver is trading at $38.32/oz, €26.85/oz and £23.56/oz.

PLATINUM GROUP METALS
Platinum is trading at $1,791.20/oz, palladium at $740/oz and rhodium at $1,775/oz.

 

Please click here to read the rest of GoldCore's Market Update.


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