Gold Set for Best Month Since January as Stock Market Rout Lifts Safe Haven

DAILY PRICES
Today’s Gold Prices: Bank Holiday in UK today
Friday’s Gold Prices:  USD 1,125.50, EUR 998.23 and GBP 730.99 per ounce.
(LBMA AM)

Last week gold and silver prices fell and gave up some of the gains from the previous week. Gold was 2% lower on Friday and indeed 2% lower for the week and closed at $1134.40 per ounce. Silver was 4.5% lower for the week and closed at $14.59 per ounce but is just 1.8% lower for the month of August.

*Note: Premiums on silver eagles have risen again – from 22% on Friday to 28% today

August has been a tumultuous month with stocks seeing sharp losses and gold has again protected investors from sharp losses. Gold has had a 3.36% gain for the month so far (see table below).

Gold is on track for the best monthly advance since January after most market participants were surprised by the devaluation of China’s currency.

The physical marketplace remains extremely tight with shortages and delays continuing to be seen for many popular coins and indeed bars. A further indication of the tightness in the bullion market, particularly in silver, is seen in the rising premiums for silver eagles. Premiums on the very popular silver coins from the U.S. Mint have risen again – from 22% on Friday to 28% today.

Read more on the GoldCore.com blog

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