BULLION LATEST – Gold price tests below $1,300/oz but buyers win out

Aug 15, 2014 - 4:21 PM GMT
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Spot gold tested below $1,300 on Friday afternoon but buying emerged to push the price higher as the weekend nears.

It has been a lively trading session for the yellow metal, which has traded in range or more than $23, far wider than in recent days. It traded as low at $1,292.20 shortly after the US open, which INTL FCStone’s Ed Meir attributed to a lack of physical demand amid a cross-commodity drop, but it has since recovered to $1,303.20/1,304.10 per ounce, still down $9.10 on Thursday’s close.

With the first silver price benchmark after the demise of the old silver fix taking place here today, silver drifted lower. The midday benchmark was set at $19.86 but the price has fallen in line with gold to $19.65/19.70 per ounce, down 19 cents.

As has often been the case of late, the platinum group metals were split. Platinum also followed gold lower, falling $15 or more than one percent to $1,448/1,458 per ounce, while palladium added $5 to $887/892.

 

(Editing by Mark Shaw)