Metals market update for May 22

May 22, 2015 12:09 PM

Today’s AM LBMA Gold Price was $1,211.00, €1,083.45 and £772.96 per ounce. Yesterday’s AM LBMA Gold Price was $1,209.60, €1,084.36 and €772.60 per ounce.

Gold fell $3.78 to close at $1,205.82 an ounce on yesterday, and silver remained unchanged at $17.12 an ounce.

Overnight, gold in Singapore inched up 0.2% to $1,208.19 an ounce near the end of day trading. Gold is on track to trade down 1.4% it largest weekly drop in a month.

Gold prices have rebounded today after ending yesterday down 0.3%, but appear to have run into some resistance at their 200-day moving average (1215). On the week, gold is down 0.7% and silver is marginally lower in dollars for the week but has eked out gains in euro terms. The biggest fall of the week was palladium, down just over 2%.

On a daily basis, palladium’s the only precious metal lower today, down just over half a%, while platinum’s up 0.3% and silver’s 0.5% higher.

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About the Author

Mark O'Byrne is executive director of Ireland-based GoldCore.