Gold Price Update and Outlook

Gold edged up to its highest level in more than five months on Tuesday, as lacklustre manufacturing data from around the globe fanned opinion of imminent easing measures from central bank.

Spot gold rose to $1,696.36 the highest since mid-March, and stood up 0.2 % at $1,695.49. . Silver climbed to the highest price since April. Spot Gold up 0.3 % to $1,697.20 and was trading at $1,695.30 in Asian hours

*Assets in gold ETP which reached a record 2,460.462 metric tons on Aug. 29, stood at 2,459.963 tons on Aug. 31,

Euro-area manufacturing shrank in August more than first estimated, holding below 50 for a 13th month, according to data yesterday.

Gold also climbed as the euro rose against the USD before leaders in the region meet this week to discuss ECB

President's plan to buy bonds . Decmebe gold rose as much as 0.7 % from the Aug. 31 settlement price on the Comex in New York to $1,699.60 an ounce, the highest price since March 27. It was last at $1,698.30. Spot silver climbed for a third day, gaining as much as 0.7 % to $32.315 an ounce, the highest level since April 13, before trading at $32.215.

*Turkey had a record gold sales to Iran. Sales of precious metals to Iran jumped to $6.2 billion this year through July from $21.9 million in the same period last year, accounting for 70 % of Turkey's increase in exports this year.

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service