Gold prices begin week extending incline
The precious metal extended its rise at the start of the week on anticipations that some investors are buying more metal since it fell the most since April also as the dollar continued to decline in the markets versus a basket of major currencies, therefore supported demand on gold and other metals as a alternative investment.
Thursday since the markets were closed on Friday as a result of the Christmas Holiday, gold rose $18.10 or 1.66% to close at $1104.60 an ounce as the dollar lost momentum against six major currencies which are measured by the Dollar Index, which slipped today to 77.69 while recording a high of 77.85 and a low of 77.65.
The dollar in the markets fell at the closing of last week as a result of investors closing in on positions which was led from holidays, currently the currencies markets is affected by holidays rather than economic data.
As for platinum it spiked to a three-week as a result of higher auto sales demand on the metal that is applied in pollution control devices. Currently platinum is being traded at $1476.40 while so far recording a high of $1480.40 and a low of $1469.40. Palladium is being traded at $380.00 recording a high of $384.50 and a low of $379.00 while Copper is currently at $331.10 recording a high of $332.00 and a low of $330.23.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, remained at 1,132.70 metric tons for the third day.
In addition, stocks in Asia jumped as a result of South Korean engineer companies receiving nuclear orders worth $20 billion next to Japan stating that its industrial production climbed while China lifted its economic growth readings.
Turning to oil, we see that prices climbed as the EIA report was released last week showing that oil inventories in the U.S. economy, which is the biggest oil consumer in the world, fell therefore hinting that demand is improving which is boosting oil prices.
Currently, spot gold is traded at $1113.11 an ounce recording a high of $1104.94 an ounce and a low of $1104.55 an ounce.