Marex Spectron Bullion Thoughts

A very quiet day as expected yesterday, with prices drifting lower to start with but as the dollar faltered in the afternoon, gold recovered and made new highs on the day. However, the range was still only just over ten dollars and effectively followed dollar yen tic for tic.

Today, prices are back down again and this, my apologies for repetition, is purely on the back of a dollar rally. There really is very little else to say about the market, so we await a few figures this afternoon which may give us some short term movement. At 14:45 London time we have US PMI and at 15:00 the Richmond Fed Manufacturing Index. In themselves not the most important of figures, but in a quiet market they will no doubt give us some impetus one way or the other if out of line.