Gold Sentiment Increasingly Positive – Market Looks for Signal This Week

via: 24HGold
by Mark O’Byrne – Goldcore
July 30, 2012

Today’s AM fix was USD 1,616.50, EUR 1,317.87, and GBP 1,029.75 per ounce.
Friday’s AM fix was USD 1,618.75, EUR 1,321.43 and GBP 1,031.51 per ounce.

Silver is trading at $27.66/oz, €22.65/oz and £17.68/oz. Platinum is trading at $1,409.50/oz, palladium at $571.15/oz and rhodium at $1,125/oz.

Gold climbed $7.80 or 0.48% in New York on Friday and closed at $1,623.40/oz. Silver rose to a high of $27.839, edged off a few times, and ended with a gain of 0.98%.

US GDP results were 1.5%, which beat the expected 1.2% for the second quarter. This hurt short term outlook that the US Fed would embark on more QE after their meeting this week. However, it still highlights that US GDP slowed sharply from Q1 (2%) and Q4 in 2011 (4.1%). Gold hit a high of $1,628.60/oz ahead of the report.

This week’s US data: Tuesday – Personal Income and Spending, Core PCE prices, the Employment Cost Index, the Case-Shiller 20-city Index, Chicago PMI, & Consumer Confidence. Wednesday – ADP Employment, the ISM Index, Construction Spending and FOMC Rate Decision. Thursday – Initial Jobless Claims and Factory Orders. Friday – July’s jobs data and ISM Services.

Continue Reading At: 24HGold.com

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