Today’s AM LBMA Gold Price was $1,191.25, €1,063.41 and GBP 785.22 per ounce.
Yesterday’s AM LBMA Gold Price was $1,187.40, €1,070.94 and £785.59 per ounce.
Gold and silver saw small price gains yesterday of 0.35 and 0.73 per cent to $1,192.90 and $16.54 per ounce respectively.
In Asia overnight, Singapore gold prices ticked higher initially prior to giving up those gains and weakness has continued in London trading this morning.
European stocks stabilised after Asian stocks fell today in line with weak U.S. markets as equities investors were spooked by a vicious selloff in sovereign bonds globally and a very large U.S. trade deficit. The disappointing U.S. trade data for March painted an even bleaker economic picture of the first quarter and led to the dollar and stocks coming under pressure.
The sudden spike in bond yields is being mirrored by an equally rapid rally in resources. This means investors globally are becoming less concerned about the risk of deflation and more concerned about the risk of inflation or stagflation.
Oil prices rose again today and are 15% above their recent lows. Prices are holding near their 2015 highs, continuing a month-long rally that was supported by renewed weakness in the dollar and a disruption to oil supplies from Libya.
Volumes in the global spot gold market have fallen to their lowest in a year, with shrinking liquidity and a slowdown in interbank trade making customers reluctant to transact on a large scale
As the first week of May draws to a close, Reuters reports that “sales of gold American Eagle coins by the U.S. Mint have had a relatively soft start to the month, with 4,500 oz of coins sold so far (April’s total was 29,500 oz, down by a third from March). Silver Eagle coinshave totalled 783,500 oz.
In Europe in late morning trading gold bullion was flat at $1,192.44 an ounce. Silver was down 0.6% at $16.51 an ounce and platinum fell 0.1% at $1,146 an ounce.