Precious metal prices ease their gains as dollar rises
The precious metal prices eased their gains as the federal currency is climbing versus major currencies therefore dampening the demand on gold as an alternative investment.
Yesterday, gold declined $0.80 or 0.07% to close at $1125.00 an ounce while the dollar gained strength six major currencies which are measured by the Dollar Index, inclined to close at 79.74 while recording a high of 79.82 and a low of 79.50.
Among other precious metals; platinum is traded at $1626.50; palladium at $472.00; silver at $17.38; while, copper is at $338.30. Turning to commodity futures we see last yesterday, S&P GSCI closed at 528.75 points recording a high of 528.90 points and a low of 528.01 points while RJ/CRB Commodity closed at 276.30 points recording a high of 276.37 points and a low of 273.54.
Gold was set in London on Wednesday at $1121.75 ounce declining from $1131.25 per ounce during the AM fixing.
In addition, stocks in Asia declined as a result of real estate and Japanese exporters' company stocks taking the lead in decline, which weighed on the overall stock markets.
Turning to oil, we see that prices are declining as the dollar rose especially since commodities are priced in dollars, so the stronger the dollar becomes, the less interested investors are into buying oil as an investment as it becomes more expensive for them.
Currently, spot gold is trading at $1121.55 an ounce recording a high of $1124.30 an ounce and a low of $1118.25 an ounce.