Slight Bearish Corrections Witnessed in Precious Metal Markets
Precious metals spiked throughout yesterday's trading session; where gold continued to leap further towards new all time highs set at $1110.60 per ounce and returned to close at 1102.90, gaining 0.55%. Meanwhile, trading in London showed gold slightly falling, while remaining above $1100 to close at $1106.75 per ounce.
On the other hand, we see silver gaining by 1.04% to close at $17.57 per ounce; whereas platinum closed higher by 1.04% at 1357.00. The rise that overshadowed precious metals throughout yesterday's session was due to crude gaining as well to above $80 per ounce; whereas the dollar's depreciation played a major role in causing demand on precious metals.
However, due to the dollar's appreciation today alongside crude's fall, it triggered metals' downside tendency. As for gold today, it managed to plummet by 0.23% to trade at $1100.40 per ounce at precisely 02:25; silver also traded at 17.40; whereas platinum also traded downwards at 1350.00 by 0.52%.
Today, we expect the release of numerous economic data which may cause major fluctuations for precious metals. The release of inflation data from European countries, where the consumer index will directly and indirectly influence gold, which is known to be a hedge against inflation. At the same time fundamentals point out that inflation remains low, leading to expectations of a weak global economy and thus demand on precious metals as a safe haven, incase the global economy remains weak.