Gold "Now in Consolidation Phase", US Markets Prepare to Open Again
WHOLESALE gold bullion prices rallied to a one-week high at $1720 an ounce Wednesday morning in London, though they still looked set to record a loss on the month, while European stocks opened higher before losing some ground and US markets prepared to re-open after being closed for two days.
Silver bullion climbed to $32.37 an ounce, also up on the week, while oil and copper ticked higher and US Treasury bonds fell.
By Wednesday lunchtime in London, gold bullion looked set to record its first monthly loss since May, with spot gold trading nearly 3% below where it started October.
"There are those who are still looking for another dip, perhaps one that offers an opportunity to jump in sub-$1700, between now and year-end," says a note from UBS.