by Ed Steer
The gold price chopped quietly sideways to a bit lower in Globex trading overseas on Friday, but the sell-off became more serious staring around 11:20 a.m. GMT in London. It was engineered forcefully lower from there, with its low tick set around 11:05 a.m. EDT…five minutes after the London close. It was allowed to wander a bit higher from there until 1:10 p.m. — and then crept quietly and a bit unevenly sideways until the market closed at 5:00 p.m. EST.
The high and low ticks were reported as $2,051.90 and $2,034.30 in the April contract. The February/April price spread differential in gold at the close in New York yesterday was $15.40…April/June was $19.90…June/August was $17.90…August/October was $17.00 — and October/December was $16.70 an ounce.