Metals market update for June 3

June 3, 2015 09:48 AM

Today’s AM LBMA Gold Price was $1,186.60, €1,067.23 and £777.60 per ounce. Yesterday’s AM LBMA Gold Price was $1,188.75, €1,083.17  and £779.91 per ounce.

Gold climbed $4.10 or 0.34% yesterday to $1,193.40 an ounce. Silver rose $0.06 or 0.36% to $16.80 an ounce.

Gold in Singapore for immediate delivery edged down 0.2% to $1,191.40 an ounce near the end of the day, while gold in Switzerland ticked marginally higher.

Gold rallied a bit yesterday on the news of weak U.S. factory orders and a feeble U.S. dollar and falling stock markets, while the market looked for closure in the Greek debt negotiations.

News that Greece outlined an agreement to deliver to the Athens government strengthened the euro and saw the dollar come under pressure.

Top gold ETF holdings were seen at a five year low yesterday. SPDR Gold Trust, the world’s largest gold  exchange-traded fund, said its holdings fell 0.59% to 709.89 tonnes on Tuesday, the lowest since January.

Holdings of all gold ETFs are close to their lowest in nearly six years showing the very poor sentiment towards gold.

The current holding pattern on the gold price continues. The non farm payrolls number on Friday will be keenly watched for signs about how bad the slowdown in the U.S. is.

In late morning trading gold bullion is down 0.43% at $1,188.43 an ounce. Silver is off 0.76% at $16.64 an ounce and platinum is down 0.12% at $1,111.67 an ounce.

About the Author

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