Gold Prices touched $1600 per ounce Friday lunchtime in London – a 2.3% rally from this week's lows – while stocks and commodities were broadly flat on the day.
Demand for gold market continue to improve since a huge demand seen from thailand and indonesia.
Silver Prices rose to $29.96 per ounce – still 7.0% down on last week's close – while on the currency markets the Euro rallied against the Dollar despite fears that Eurozone government downgrades may be imminent.
Heading into the weekend, Dollar Gold Prices were down 6.9% for the week. Based on Gold Prices at the afternoon London Fix, the last time gold fell further in one week was the first week of December 2008.
Today's London Fix would have to come in below $1488.75 per ounce to surpass the 12.9% weekly drop in Gold Prices seen in the week ended 17 October 2008.
Nevertheless, net outflows saw the volume of Gold Bullion held to back shares in the SPDR Gold Trust (ticker: GLD) – the world's largest Gold ETF – fall yesterday by nearly 15 tonnes to just under 1280 tonnes, the biggest one day outflow by volume since August this year. (Bullion Vault)
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