Last Friday, gold shed $0.20 or 0.02% to close at $1093.15 an ounce. Gold Price was setin London on Friday at $1082.00 per ounce during the PM fixing declining from $1078.25 at the AM fixing. SPDR gold trust, the world's largest exchange-traded fund backed by bullion, stood at 1,106.37 metric tons on February 12.
Spot gold is traded at $1095.20 an ounce after recording a high of $1097.06 and a low of $1091.60. Prices remain under pressure due to the dollar's continuing advance against majors which is reducing the appeal of the commodity as an alternative investment.
Meanwhile, the greenback is traded near the highest level in 9 months versus the euros and one-week high against the yen. The 16-nation currency is showing weakness ahead of the EU finance ministers' 2-day meeting staring today in Brussels, where they will introduce measures to bailout Greece and put rescue plan for possible debt woes in other European economies, especially Spain and Portugal.
Investors are waiting for detailed plan for endorsing Greece which may help the euro to pare some of its losses. The U.S. dollar is gaining on expected faster recovery in the U.S.; Bernanke, the Federal Reserve Chairman said last week they will raise discount rate and start unwinding stimulus.
On the other hand, European shares advanced today ahead of the meeting, while Asian stocks dropped on concerns that China will cool its economic growth at the time where some Asian markets are closed for the Lunar New Year holiday, while U.S. markets are also closed for Presidents Day.
With regard to other precious metals, platinum inched up to $1512.50 from the opening at $1510.50; palladium plummeted to $413.50 from $415.70; and silver ticked up to $15.49 from $15.47.