Gold, Silver, Metal Prices Commentary – 3/12/2010

The Blame Locker

Good Day,

Spot gold bullion prices rose overnight, having once again tested the (and held at) the just-under $1100 level yesterday — a fresh, three-week low. Dollar weakness ahead of the release of US economic data this morning kept bullion specs interested, however an early push towards the $1120 resistance area was truncated and the metal retreated towards $1110, and then even lower, turning negative within the first hour of trading, as the US dollar pared losses incurred immediately following the release of US retail sales figures for February.

Spot dealings started the week’s final session with a $6.90 gain in gold, at an $1116.50 bid quote per ounce, as against a fairly hefty 0.49 slip in the US dollar on the trade-weighted index (to 79.79 at last check) and tracking a half-dollar gain in crude oil (now at $82.66 pbbl.).

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