Gold climbed gradually last week, from $1164 to $1173 on Monday and a peak of $1189 Wednesday (London pm fix) before settling at $1182 on Friday.  Silver declined from $16.15 down to $16.01, moving opposite to gold’s trend, which usually signals the fact that gold is rising due to some geopolitical threat or a flow of funds into gold as a safety net. Year-to-date, silver is up 0.3% and gold is down 1.4% in U.S. dollar terms, but gold and many other commodities are rising in terms of the euro and other currencies.

Gold climbed gradually last week, from $1164 to $1173 on Monday and a peak of $1189 Wednesday (London pm fix) before settling at $1182 on Friday.  Silver declined from $16.15 down to $16.01, moving opposite to gold’s trend, which usually signals the fact that gold is rising due to some geopolitical threat or a flow of funds into gold as a safety net. Year-to-date, silver is up 0.3% and gold is down 1.4% in U.S. dollar terms, but gold and many other commodities are rising in terms of the euro and other currencies.

Gold climbed gradually last week, from $1164 to $1173 on Monday and a peak of $1189 Wednesday (London pm fix) before settling at $1182 on Friday.  Silver declined from $16.15 down to $16.01, moving opposite to gold’s trend, which usually signals the fact that gold is rising due to some geopolitical threat or a flow of funds into gold as a safety net. Year-to-date, silver is up 0.3% and gold is down 1.4% in U.S. dollar terms, but gold and many other commodities are rising in terms of the euro and other currencies.

Gold climbed gradually last week, from $1164 to $1173 on Monday and a peak of $1189 Wednesday (London pm fix) before settling at $1182 on Friday.  Silver declined from $16.15 down to $16.01, moving opposite to gold’s trend, which usually signals the fact that gold is rising due to some geopolitical threat or a flow of funds into gold as a safety net. Year-to-date, silver is up 0.3% and gold is down 1.4% in U.S. dollar terms, but gold and many other commodities are rising in terms of the euro and other currencies.

Gold climbed gradually last week, from $1164 to $1173 on Monday and a peak of $1189 Wednesday (London pm fix) before settling at $1182 on Friday.  Silver declined from $16.15 down to $16.01, moving opposite to gold’s trend, which usually signals the fact that gold is rising due to some geopolitical threat or a flow of funds into gold as a safety net. Year-to-date, silver is up 0.3% and gold is down 1.4% in U.S. dollar terms, but gold and many other commodities are rising in terms of the euro and other currencies.

Gold climbed gradually last week, from $1164 to $1173 on Monday and a peak of $1189 Wednesday (London pm fix) before settling at $1182 on Friday.  Silver declined from $16.15 down to $16.01, moving opposite to gold’s trend, which usually signals the fact that gold is rising due to some geopolitical threat or a flow of funds into gold as a safety net. Year-to-date, silver is up 0.3% and gold is down 1.4% in U.S. dollar terms, but gold and many other commodities are rising in terms of the euro and other currencies.

Gold edged up on Friday and over the weekend in response to weak U.S. economic data released on Friday.  The first-quarter Gross Domestic Product (GDP) was revised down from a small (+0.2%) gain to an outright contraction (-0.7%).  This led traders to believe that the Federal Reserve would not raise interest rates any time soon, giving gold a longer time with an “even playing field” vs. low-yielding cash.  As a result, gold moved up from $1185 on Thursday to $1192 on Friday and $1195 on Monday, June 1.

Gold fell below $1200 Tuesday morning, dropping $40 in the last 10 days – due almost entirely to a rally in the U.S. dollar. The euro fell 4% last week from $1.1445 on May 15 to $1.1012 on May 22, then it fell another 1.2% to $1.0883 on Tuesday morning, for a 5% drop in 10 days. In those 10 days, gold rose by about 2% in euro terms and fell by 3% in U.S. dollar terms.

Gold rose $40 last week, its best week since last January.  Silver rose even faster.  The biggest rise came last Wednesday morning after weak U.S. retail sales figures were released.

Gold fell from $1209 in the middle of last week to $1176 on the Friday close, but then it clawed back to $1194 on Tuesday morning.  Gold still remains in a narrow trading range of $1142 to $1295 in the last nine months, with a central tendency (“magnet”) around the $1200 area.