Precious Metals advance further upward
Gold had risen by 0.28% in New York trading to close at $1151.20 after hitting the high of $1154.90, as it settles at highest levels since 12th January. Platinum ascended 0.71% reaching a closing price of $1713.00, while silver failed to breach the $18.15 threshold closing at $18.06 and losing 0.39%, albeit still being traded at the highest levels since January 20th.
Precious metals were unaffected by the decline in commodity indices, where S&P GSCI had dropped 3.37 points to close at 540.73 and RJ/CRB lost 2.34 points and closed at 275.25. Precious metals were generally able to rise in yesterday's and today's trading, as the dollars decline yesterday cushioned the effect of falling commodities and crude oil, that declined to $85.00.
Precious metals had appealed to traders seeking alternative investment, as speculation in the markets was encouraged by climbing American stock indices. The cancerous effect of the Greek deficit crisis, which has spread to several other neighboring nations, has compelled many European investors to seek a safe haven in precious metals.
Investors have glimpsed an opportunity to speculate as the precious metals have been trending upward for the past period. While European and British economic unrest is pushing investors into the safe haven precious metals provide. Not forgetting the fluctuations in the currency market that have provoked the need to coven investments and currency portfolios.
Metals are nonetheless expected to gain over the short and middle period, with high fluctuations taking place in the intraday pattern, though the fluctuations are overall expected to be heading upward.