Gold Rises to New Record in British Pounds

Mark O'Byrne submits: Gold

Mark O'Byrne submits: Gold

Mark O'Byrne submits: Gold is marginally lower in U.S. dollars but continues to eke out gains in euros. The euro fall again Thursday possibly as markets digested Trichet’s grim warning regarding financial contagion. Gold at €1,081.40/oz is less than 1% away from record nominal highs in euros at €1,088/oz. Currency debasement and sovereign debt and systemic risk remain high, which is leading to gold consolidating near record highs in most currencies - (click charts to expand).

Mark O'Byrne submits: Gold is lower in dollars but higher in euros and has reached new record highs in pounds sterling at £958.25/oz. Gold is being supported by strong and increasing demand internationally.

Mark O'Byrne submits: Europe’s debt crisis has seen gold prices climb to new record highs in euros and British pounds at EUR 1,087.80/oz and GBP 944.93/oz respectively. Contagion concerns are mounting due to the failure of the ECB, the IMF and respective governments to tackle the sovereign debt crisis - (click charts to expand).

Mark O'Byrne submits: Gold and silver were lower yesterday morning as the recent bout of weakness continues. Equities in Asia were lower on economic growth and inflation concerns and European indices are also lower as Greek debt talks are in disarray after the weekend arrest IMF's Dominique Strauss-Kahn. (Click to enlarge) Cross Currency Rates

Mark O'Byrne submits: Gold and silver continue to rebound from their sell offs as Euro zone periphery worries intensify with real risks of defaults and possible contagion. Gold has risen from €1,010/oz to over €1,057/oz since Friday. The long period of correction and consolidation may soon see a break out above resistance at record nominal highs of €1,072/oz - less than 1.5% below the current price.

Mark O'Byrne submits: Gold: Gold dipped to $1,135/oz early in New York before dipping rising sharply to close with a gain of 0.95%. Gold closed last week some 2% higher in dollars and 3% higher in euros. It has dipped from $1,159/oz to $1,155/oz in Asian and European trading this morning. Gold is currently trading at $1,155/oz and in euro and GBP terms, at €867/oz and £748/oz respectively.