Gold prices eased back in the past 24 hours after hitting an early morning high over USD $1330 per ounce, as traders lightened up positions after a $100 per...

Gold prices eased back in the past 24 hours after hitting an early morning high over USD $1330 per ounce, as traders lightened up positions after a $100 per ounce run the past few weeks. Falling $20 an ounce over the space of the next few hours, gold soon stabilized and is now trading at USD $1322 an ounce. Silver, which had been lagging gold for much of the year so far, has performed incredibly strongly the past few days and is now sitting at USD $22.09 per ounce The latest World Gold Council report into gold demand for 2013 was highly instructive, with China overtaking India as the worlds largest gold consumer. US data had a hat-trick of big misses, with NAHB Homebuilders and the Empire Fed very weak, whilst TIC flows were a concern here. Full details here (VIEW LINK)