Gold prices extend incline for second day
Gold prices extended their climb as investors turned to gold seeking a safe-haven investment as there are doubts in markets regarding if European finance ministers will approve financial supporttoGreece or not.
The dollar is slightly changed despite projections that some Federal Reserve policy makers will be against leaving interest rates near zero for an extended period.
Yesterday, gold rose $7.30 or 0.66% to close at $1108.80 an ounce while the dollar gained strength six major currencies which are measured by the Dollar Index, inclined to close at 80.22 while recording a high of 80.40 and a low of 79.77.
Among other precious metals; platinum is traded at $1622.50 from $1622.00; palladium at $461.50 from $460.70; silver at $17.26 from $17.21; while, copper is at $333.43 from $332.73. Turning to commodity futures we see last yesterday, S&P GSCI closed at 515.61 points recording a high of 516.27 points and a low of 514.94 points while RJ/CRB Commodity closed at 270.79 points recording a high of 273.31 points and a low of 269.84.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, stood at 1,115.51 metric tons. Gold was set in London on Monday at $1104.25 per ounce inclining from $1104.00 per ounce during the AM fixing.
In addition, stocks in Asia climbed as a result of higher finance company stocks, therefore supporting the overall climb in Asian stocks. Investors are gaining confidence that central banks are maintaining a global recovery, therefore they turn to finance stocks.
Turning to oil, we see that prices are declining slightly on worries that demand from the world's biggest oil consumer, the U.S. has not caught up with the current supplies in markets.
Spot gold is traded at $1112.16 an ounce recording a high of $1113.65 an ounce and a low of $1108.22 an ounce.