Gold prices are inching lower
Gold prices slipped slightly as the federal currency is appreciating against major currencies therefore dampening demand on gold as an alternative investment, as investors are seeking currencies for direction of the market. Precious metals might be supported when investors turn to gold as a safe-haven regarding the Greece debt crisis.
Yesterday, gold inclined $0.80 or 0.07% to close at $1125.60 an ounce while the dollar gained strength versus six major currencies which are measured by the Dollar Index whichinclined to close at 80.28, while recording a high of 80.43 and a low of 79.70.
Among other precious metals; platinum is traded at $1622.50; palladium at $473.00; silver at $17.38; while, copper is at $341.50. Turning to commodity futures we see last yesterday, S&P GSCI closed at 527.84 points recording a high of 528.16 points and a low of 527.72 points while RJ/CRB Commodity closed at 275.68 points recording a high of 275.68 points and a low of 275.68.
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 Thursday at $1122.75 per ounce unchanged from AM fixing.
In addition, stocks in Asia climbed as a result of data from the U.S. economy regarding jobs and manufacturing which boosted confidence in the global stock markets, therefore encouraging investors to enter stock markets.
Turning to oil, we see that prices are slightly changed on worries that demand in the world's biggest crude consumer, the U.S. economy, is weak while the dollar's incline is discouraging investors as commodities become more expensive, especially as they are priced in dollars.
Currently, spot gold is traded at $1123.06 an ounce, recording a high of $1127.05 an ounce and a low of $1121.70 an ounce.