Gold edged upwards though the new record highs for US equities largely kept investors occupied.
'The market started under pressure and as is so often the way, moved higher, catching day participants short,' said Marex Spectron.
“However, the brief rally ran out of steam and we find ourselves back where we started. As I said yesterday, gold feels tired and with the market long, I think we move lower and would sell rallies from here”
It was a good day for the World Gold Council and the London Metal Exchange (LME) to launch their new exchange-traded and centrally-cleared trading platform.
The aim is to boost liquidity in London across the range of precious metals starting with gold and the new platform 'LMEprecious' will be developed to accommodate teh way trading is changing.
Aram Shishmanian, the World Gold Council’s chief executive, said the move would strengthen London’s position in the global gold market and enable it to meet the needs of all participants, attract new players and satisfy the highest standards of regulatory compliance.
Spot and futures contracts for gold and silver will be introduced in the first half of 2017, with platinum and palladium to follow at a later date.
A couple of hours into US trading, spot gold was US$7 higher at US$1,341, silver added a few cents to US$19.83 and platinum was US$5 better at US$1,152.