LONDON, May 23: Gold marked time with very little change near three-month lows in Europe on Monday, with dealers looking for the market to probe lower as dollar strength bruised sentiment. Spot gold stood at $417.50/418.25 per troy ounce compared with $417.40/418.15 late on Friday in New York when the market touched a low of $416.40 — last seen on February 11.
Gold looks like it wants to go lower — the dollar is quite strong and if it gets to $1.2500 against the euro, you’ve got to say that gold will move to $415 or less, a dealer said. Silver was at a pivotal point after sliding sharply on Friday on aggressive fund selling. It will be interesting to see if there is residual demand left over, Standard Bank said.
Platinum eased slightly to $858.00/862.00 from $860.00/865.00, while palladium stood at $187.00/191.00 from $186.00/190.00. —Reuters
