Precious metal prices reverse gains
Gold prices ease their climb as the dollar climbed in the markets versus the euro, as there are worries that the aid Greece will receive is going to weigh on the euro's strength. As the dollar gained strength therefore reduced the appeal of gold as an alternative investment.
Yesterday, gold gained $0.10 or 0.01% to close at $1118.65 an ounce while the dollar gained strength six major currencies which are measured by the Dollar Index, inclined yesterday to close at 80.72 while recording a high of 81.25 and a low of 80.28.
Among other precious metals; platinum is traded at $1552.00; palladium at $434.50; silver at $16.49; while, copper is at $330.86. Turning to commodity futures we see yesterday, S&P GSCI closed at 512.74 points recording a high of 522.84 points and a low of 510.34 points while RJ/CRB Commodity closed at 272.71 points recording a high of 276.54 points and a low of 271.92.
SPDR gold trust yesterday, the largest exchange-traded fund backed by bullion in the world, remained unchanged at 1,106.987 metric tons. Gold was set in London yesterday at $1114.00 per ounce declining from $1117.25 per ounce during the AM fixing.
In addition, stocks in Asia extended their gains for the second day as a result of U.S. consumer spending beating projections therefore increasing confidence in the markets which causes investors to turn to higher-yielding assets, supporting the overall gains in stock markets.
Furthermore, oil, we see that prices are slightly changed after they declined yesterday as there are expectations that oil supplies in the world's biggest oil consumer, the U.S. economy might hint that demand remains pared as stockpiles continue to increase.
Currently, spot gold is traded at $1119.25 an ounce recording a high of $1120.06 an ounce and a low of $1114.82 an ounce.