Morning Gold Fix – September 16, 2010

FMX | Connect – www.fmxconnect.com - (Reported 9/16/2010)

The following is a summary of yesterday’s US gold activity and a recap of Asia & European markets overnight. It includes our proprietary options analytics and news stories from industry professionals.

Summary

October Gold settled at $1263.20 per 100 troy ounces on Wednesday, a net loss of of $3.10 for the day.

October gold was up $9.30 to $1276.30 per 100 troy ounces as of 7:40 AM EST, this morning. The December U.S. dollar index was down .346 to 81.405. October platinum was up $4.70 to $1610 per 50 troy ounces. December silver was up 14.9 cents to $20.72.

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Gold Options Report

FMX Morning Newswire

Bloomberg (Reported 9/16/2010)

“Gold rose to a record in London and New York as investors sought protection against turmoil in the global economy and financial markets.

Bullion climbed as high as $1,276.35 an ounce in London and has outperformed global equities, Treasuries, crude oil and most industrial metals this year. The dollar fell to a five-week low against the euro today.” Gold Rises to Records in London, New York on Demand For Wealth Protection

NS Futures (Reported 9/16/2010)

“The gold market comes into the Thursday morning trade action nears its all time highs, and seemingly deriving support from a number of different themes. While some might doubt the inflation angle in the face of a suspect global economic track, the UK has recently posted hotter than expected inflation readings and the US PPI and CPI reports have some rather notes gains forecasted by some analysts.

While equity markets in Asia and Europe were generally lower, U.S. stock indices have posted moderate losses during the early Thursday. The Dollar is lower against most of the major currencies during overnight trading, although posting a small gain versus the Pound.” Daily Metals Commentary 

Reuters (Reported 9/16/2010)

“Gold was steady on Thursday as weak U.S. economic data reiterated the uncertainty surrounding the global economic recovery, while silver hit a new high as investors sought this alternative safe-haven asset.

U.S. industrial output slowed last month and a regional measure of factory activity touched a 14-month low in September, pointing to a cooling in manufacturing as the boost from an inventory build-up fades.” Gold steady on weak data

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