Gold closed higher over the weekend, and has again pushed higher on Asian trading this morning. Closing at USD$1225 on Friday it has pushed through to USD$1235 on short covering and continued aversion to risk.
Traditionally gold is quieter in June and July during the summer holiday period in the US. Combine this with the DuanWu holiday (also known as the Dragonboat Festival) throughout China and SE Asia and we may see weak movement in the gold prices until Thursday when Asian countries comes back from holiday.
Currency
The NZD increased against the USD at the end of the week, increasing from around 0.65 back up to 0.69, partially due to the increase in the OCR rate, and more confidence in the riskier markets - making the NZD$ more attractive to FX investors again.
NZD Gold
Despite a USD$15 rise in the gold price since Friday's update, NZD gold is only up $4 to $1800 on a stronger kiwi dollar.
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