by Ed Steer
The gold price had a choppy up/down move in Far East trading on their Friday — and the low tick of the day was set about fifteen minutes before the London open. It had another choppy up/down move between then and 8:45 a.m. in New York. A rally commenced at that juncture, which got capped and turned lower at 3 p.m. in after-hours trading. That sell-off lasted exactly one hour — and then gold price trading flat into the 5:00 p.m. EDT close.
The low and high ticks were recorded by the CME Group as $1,796.60 and $1,813.00 in the August contract. The August/October price spread differential in gold at the close yesterday was only $1.50…October/December was $2.50 — and December/February was $2.10 the ounce.