Gold price recovers slightly from Friday’s drop

Gold was in positive territory on Monday morning in London, recovering slightly after Friday’s drop.

– The spot gold price was last at $1,315.75/1,316.05 per ounce, up $4.15 on the pre-weekend close. Trade has ranged from $1,314.15 to $1,319.65 so far.

– The precious metal fell to as low as $1,311.95 in Friday’s session, its lowest since September 21, on news that Deutsche Bank was near a settlement with US regulators. Investors had previous moved into gold on fears that some of the German lender’s clients, including several big hedge funds, reportedly withdrew securities or cash concerns about its stability and their exposure, MKS Group noted on Monday morning.

– “Strong bids around $1,310 should provide further support, however, a material move higher in equities could see $1,300 tested,” the broker said.

– In the other metals, silver was last at $19.120/19.140 per ounce, little changed from the previous close. Platinum at $1,018/1,023 was $1 lower and palladium at $719/724 was up $3.50.

(Editing by Mark Shaw)

 

The post Gold price recovers slightly from Friday’s drop appeared first on The Bullion Desk.

from The Bullion Desk http://ift.tt/2dDwNXV
via IFTTT