goldnews.bullionvault.com / By BullionVault / April 23, 2013
Gold rallied back above $1420 per ounce Tuesday morning in London, having earlier dipped back towards where they started the week following yesterday’s 2% jump amid what one Hong Kong dealer suggested was the biggest rush to buy gold in half a century.
Silver meantime climbed back above $23 an ounce by lunchtime after it too fell in early trading, though unlike gold it was down slightly on the week so far.
European stock markets ticked higher in spite of earlier losses in Asia and disappointing purchasing managers’ index data, while commodities fell and US Treasuries gained.
On the currency markets the Euro fell to a two-week low against the Dollar, while Euro gold prices were trading just below €1100 an ounce by lunchtime, the level breached briefly yesterday for the first time since last week’s price drop.
The world’s largest gold exchange traded fund SPDR Gold Trust (ticker: GLD) continued to see net outflows Monday, with his holdings ending the day down more than 18 tonnes at 1104.7 tonnes. Since the start of 2013, the volume of gold held to back GLD shares has dropped nearly 20%.