Precious Metals ended the vast decline seen yesterday
Today, precious metals ended the severe plummet seen yesterday, supported by the plunge seen to the US dollar against majors, along with the obtained strength crude oil gained. Yesterday, we saw the US dollar escalate against majors, due to the profit taking transactions, yet the dollar couldn’t keep on hold of the gain strength, where it plummeted once again; escorted by the stop seen by crude oil fall, after it reached to $69.00 per barrel levels. The two main factors of falling US dollar and the strength of Crude oil managed to give precious metals some momentum, to end last night's
The shiny metal closed yesterday’s trading at $1003.00 per ounce, falling 0.35% after it retreated from a low $995.20 per ounce, while the silver lost 0.88% to close at $16.83 per ounce, and finally the platinum closed at $1317.00 per ounce falling 0.83%. Earlier in the session we saw silver and platinum plummet harshly, due to the US dollar incline against majors, yet when the dollar terminated the incline, precious metals managed to obtain some strength.
Looking at the future commodities, we see the vast decline also managed to pressure futures to head down south; where S&P GSCI lost 13.31 points to close at 455.61 levels. The fall seen, came to ensure our expectations that precious metals followed the fall seen by commodities. All the concerns that took place yesterday resulted from unofficial resources that the feds will signal towards pausing their quantitative easing methods, especially after improvements floated back on the surface; however, this would be dangerous at the time being because confidence will disperse once again.
Looking deeply into the gold’s trading; we see the bullion faced the narrowed retraction between all three commodities, because markets participants are still holding on their current fears, in case any further downturns takes place in the upcoming period. In addition, we cant really deny the profit taking that dominated this week's trading, due to the ongoing expectations of the details released by the federal open committee tomorrow, after they finish there regular meeting.
At 03:35 EST; the bullion rose 0.84% or $8.40 per ounce reaching to $1011.40 per ounce, and the platinum added 0.76% or $10.00 per ounce reaching $1327.00 per ounce. However, the silver witnessed the biggest incline, based on the percentage change, gaining 2.02% or $0.34 per ounce reaching $17.17 per ounce.