Metals market update July 8th

Today’s AM LBMA gold price was USD 1,154.25, EUR 1,045.61 and GBP 749.46 per ounce.
Yesterday’s AM LBMA gold price was USD 1,166.25, EUR 1,063.22 and GBP 752.10 per ounce.

Gold fell $13.10 or 1.12 percent yesterday to $1,155.80 an ounce. Silver slid $0.59 or 3.76 percent to $15.10 an ounce.

Gold in Singapore for immediate delivery inched down 0.6 percent to $1,147.75 an ounce near the end of the day.

As Europe called an emergency summit on Greece, the dollar rallied and gold dipped to a four month low. Silver slipped almost 7 percent and platinum fell to a 2009 low.

For the second time in the past year the United States Mint has run out of  its popular 2015 American Eagle silver bullion coins due to a “significant” increase in demand. A signal that there are bargain hunters out there who want to buy on the dip.

In a statement sent to its biggest U.S. wholesalers, the Mint said its facility in West Point, New York, continues to manufacture coins and expects to resume sales in about two weeks.

In late morning European trading gold is up 0.08 percent at $1,155.40 an ounce. Silver is down 0.56 percent at $15.00 an ounce and platinum is also off 0.88 percent at $1,020.00 an ounce.

About the Author
Stephen Flood is a director of Ireland-based GoldCore.