U.S. dollar

Precious metals have paused after two solid days of gains last week after the after the Federal Open Market Committee (FOMC) announced further loosening of monetary policy to reinvigorate the sluggish U.S economy launching  QE3 after much anticipation.

A choppy sideways day for precious metals as spot gold regained a portion of yesterday’s losses. The yellow metal traded to $1648, before slipping lower.

Eurozone debt, coupled with poor eurozone data took precious metals lower to start the week. Gold dipped below $1630 to touch $1623.

Heavy selling was the order of the day as spot gold started its dip in European trade and carried over to the North American session. The yellow metal touched its lowest level in two weeks at $1623, light volume as U.S data was light led to the downturn.

Spot gold continued its steady decline in afternoon trade as traders shed positions ahead of tomorrow’s long term Spanish bond auction. A stronger U.S dollar also weighed on the complex.

What appears to be a “risk on” day gold slowly dripped lower. With a lack of major, fresh fundamental news to drive the gold market recently, trading has been mostly technical in nature. The euro dollar, after a sell-off yesterday is trading back above 1.3100 but the metal complex remains weak.

A wild and volatile day in the precious metals complex where gold saw wild swings trading to a low of $1634 bouncing back to trade to $1657. With no rhyme or reason for this swing traders are left scratching their heads.

A volatile day in the precious metals market as European debt woes was on the forefront of trader’s minds. Spot gold traded in a range hitting a high of $1658 before falling.

A stronger US dollar and fears of Spain defaulting were today’s trends.  Yields on 10-year bonds are at a 2012 high at 6.12 percent ahead of auctions on Thursday. Investors are now losing faith in the country’s ability to pay its debts. The market generally considers yields of seven percent and above to be unsustainable, requiring support from the European Central Bank.

Poor Chinese GDP data caused traders to sell metals positions on fears of a Chinese economic slowdown. Spot gold dropped $25 to $1649.20.

Spot gold rallied on the heels of disappointing jobs data released this morning. The yellow metal finally broke the $1671 level to touch $1678.

A shaky day on the equities market lent support to spot gold. The metal traded higher by $30 to $1660 as safe haven status took precedence with European problems rearing its ugly head again.

A complete washout for commodities across the board as precious metals, Crude oil and Equities were all lower, against a backdrop of a significantly higher U.S dollar vs. all major currencies.