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Gold Daily

Gold Daily

LME REFERENCE PRICES

 AMMIDDAYPM
Gold 1,932.901,933.70
12/08/2020
Silver 25.7725.84
12/08/2020

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Silver Chart

Silver Chart

Marex Spectron Bullion Thoughts

As I said on Monday, gold is purely and simply following the dollar. Today sees new lows for the dollar/yen, not seen since last September. Coincidentally, or not as the case may be, that is when gold was last at this level, proving conclusively what I have been saying for ages. Gold is in thrall to the dollar, full stop.

Yes there are other short term movers along the way for other reasons, but if you want a trend to follow, it’s the dollar, nothing else. Today is no different and with US PMI out this afternoon along with Existing Home Sales,  we will no doubt see some short term ups and downs. Overall though, if the dollar continues to stay weak, gold will stay strong and vice versa. The glitterati, or whatever you care to call them, are still in Davos and it is worth keeping an eye on any news releases from there. Sorry to be repetitive with the gold/dollar scenario, but it is what it is!

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