news.goldseek.com / July 6, 2012
Today’s AM fix was USD 1591.75, EUR 1285.54 and GBP 1024.29 per ounce.
Yesterday’s AM fix was USD 1617.00, EUR 1285.37 and GBP 1032.90 per ounce.
Gold fell by $18.40 in New York yesterday compared to Tuesday’s close prior to Independence Day, and ended with a small loss of 1.13% at $1,604.40. Silver also dropped slightly, closing at $27.68. Silver is currently trading at $27.48.
Gold did not manage to stay above $1,600/oz in Asian and European trading this morning, and is currently trading at $1,595.90. Gold is still up from a recent low of on the 28th of June at $1,552 oz. Key US employment data is due to be released later today.
WGC – The Impact of Inflation and Deflation on the Case for Gold
Following yesterday’s WGC reports about the role of gold in investment portfolios, this report looks at gold’s performance during inflationary and deflationary times. Gold, non-perishable and limited in supply, is seen as relatively immune to inflation, financial crises and credit default. Topically, periods of negative real interest rates are thought to support the demand for gold, because the opportunity cost of holding gold decreases when real interest rates fall. Weak dollar has also been seen to drive up the price of gold.
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