Gold rose despite the dollar's advance
Gold surged above $1123 an ounce despite the dollar's incline against the euro. The shiny metal rebounded again after gaining support at $1095 levels. On January 5, gold slipped $3.70 or 0.33% to close at $1117.85 an ounce. Gold Price was setin London on Tuesday at $1125.25 per ounce during the PM fixing declining from $1125.25 at the AM fixing. SPDR gold trust, the world's largest exchange-traded fund backed by bullion, remained at 1,128.74 metric tons on January 5.
The dollar's incline versus the euro capped the metal's gains today. The euro slumped to 1.4336 after the EU announcement that it will not bail out Greece. The dollar index, a gauge of the dollar's movements against a basket of major currencies, rose to 77.72 from the day's opening at 77.63. Later on today, services data from the U.S., euro zone, and U.K. are due so there might be changes in the currency market after the release of the news.
Precious-Gold is benefiting from the oil's rally above $81 a barrel, the highest in nearly 14 months, which was triggered by recovery signs, cold weather in U.S. and Europe, and stock's rise. Asian shares advanced today led by Nikkei Index which closed at the highest in a month, tracking gains in the U.S. equities which rocketed to 15-month high yesterday.
Meanwhile, gold is traded at $1124.56, recording a high of $1126.10 and a low of $1116.45.
With regard to other precious metals, platinum lost some of its upward momentum after climbing to its highest in a year on Tuesday. It is currently traded at $1538.90 an ounce recording a high of $1539.40 and a low of $1521.40.