Market News Update - 4th September 2012

Dear Friend/ Member,

Given the jump in the price of gold over this last weekend, it is worthy of an update as to what has been going on.

After steady rises for Gold the previous week, this week started off looking fairly stable range trading between USD$1,660 and USD$1,670.

By Thursday it was steady as she goes, as was reported by Reuters on the AusMint website.

http://www.ausmint.com/content/precious-gold-holds-steady-ahead-jackson-hole-symposium

PRECIOUS-Gold holds steady ahead of Jackson Hole symposium

Thu, 30 Aug - 8:26pm

(Updates throughout, changes dateline, previous SINGAPORE)

* Markets poised for Fed clues on quantitative easing

* Gold ETF head for strongest monthly inflow since November

* Silver hits most expensive versus gold since May

LONDON, Aug 30 (Reuters) - Gold prices edged higher in Europe on Thursday, but were kept in a narrow range by uncertainty over how far the Federal Reserve will satisfy market speculation that it will unveil another round of measures to stimulate the U.S. economy.

A speech by Fed chairman Ben Bernanke at a ...

...................

Then all it took on Friday was for USA Federal Reserve Chairman, Ben Bernanke to speak of a 'grave concern' about a stagnant labour market and that the market faced 'daunting challenges'.

Gold immediately fell, but then quickly rebounded USD$45 per ounce, or almost 3% from the session low to reach USD$1,691.80 per ounce.

In the meantime, on the back of falling iron ore prices, the Aussie dollar has continued on a steady decline to about USD$1.0260c, representing a 6 week low.

Edward Meir - AusMint's Commodities Expert

Look out for Edward's Precious Metal Report coming out later this week.

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