Morning Gold Fix – September 17, 2010

FMX | Connect – www.fmxconnect.com - (Reported 9/17/2010)

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 $1272.20 per 100 troy ounces on Thursday, a net gain of of $5.10 for the day.

October gold was up $7.70 to $1275.80 per 100 troy ounces as of 7:40 AM EST, this morning. The December U.S. dollar index was down .096 to 81.405. October platinum was up $14.10 to $1608 per 50 troy ounces. December silver was up 14.9 cents to $20.92.

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FMX Morning Newswire

Bloomberg (Reported 9/17/2010)

“Gold climbed to a record for a second day in London and New York as the dollar’s drop spurred demand from investors for wealth protection. Silver advanced to the highest price since March 2008.

Bullion, which usually moves inversely to the dollar, headed for the biggest weekly gain since May as the greenback dropped to a five-week low against the euro. Holdings in gold- backed exchange-traded products reached a record this month as investors sought protection from financial turmoil and the prospect of slowing economic growth.” Gold Gains to Record on Wealth Demand; Silver Near 30-Year High

NS Futures (Reported 9/17/2010)

“The December gold contract has managed another new high overnight, and has managed that rise despite some very strong upside action in many global equity markets. Indian gold prices did manage a slight gain overnight, but that strength might have been caused by traders fearful of seeing even higher gold prices next week.

With equity markets in Asia and Europe generally higher, U.S. stock indices have posted moderate gains during the early Friday trade. The Dollar is weaker against most of the major currencies during overnight trading, although posting a small gain versus the Swiss.” Daily Metals Commentary 

Reuters (Reported 9/17/2010)

“Gold leapt to a record high on Friday as a weaker dollar and growing speculation of further quantitative easing by the U.S. Federal Reserve prompted a flurry in investment buying.

Sister-metal silver was supercharged, benefiting also from gains in prices for industrial metals to test the $21 mark. A break above $21.24 would open the way for prices to hit levels last seen in October of 1980.” Gold at record peaks

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