Gold glows and silver shines

The developing conflict between Israel, Iran, and its proxies is escalating and America is being drawn in. Middle Eastern demand for gold over dollars is only just starting to impact bullion markets.

Both gold and silver consolidated in a tight range close to all-time highs this week. Spot gold traded at $2660 in European trade this morning, up $3 from last Friday’s close, and silver was $32.05, up 43 cents on the same timescale. Comex volumes in both metals declined over the week, consistent with a consolidation.