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Gold was consolidating around $1,250 on Friday morning in London after what has been a volatile week for the precious metal while silver and the PGMs continue to grind higher.
– The spot gold price was last at $1,249.60/1,250 per ounce, little changed from Thursday’s close. Trade has ranged from $1,243.70 to $1,252.60 so far. On Thursday gold reached an intraday high of $1,270.30 but gave up most of the gains by the close.
– “We think gold will go higher, but not yet. Prices may need to consolidate around $1,250 first,” HSBC analyst James Steel noted.
– Silver was last at $17.165/17.185 per ounce, up 10 cents and around its highest since May last year. Platinum was last at $1,028/1,033, up $7 and around its strongest since August, while palladium at $604/610 was up $3 and its highest since November.
– “The long positioning for these metals is significantly less than for gold or silver, so for those looking to be long precious metals, the PGMs we feel are quite attractive,” MKS noted.
News article attributed to www.bulliondesk.com