Precious Metals reclaim their losses
Precious metals were able to redeem the losses they incurred yesterday with today's upbeat trading. Investments poured into the stocks and commodity markets, as speculators sought alternative investments in precious metals after the dollar's declined and ceased fall of oil.
Descending European markets yesterday were followed by rising confidence in the American markets where Dow Jones ascended 0.12% to close at 11000.00 points. Important data is to be released concerning the world' largest economy, such as inflation and retail sales. A rise in retail sales in March to 1.2% is expected, while inflation could reach 2.4% according to median estimates.
Gold reached a low of $1144.20 before closing yesterday at $1151.10, down by 0.42%. Silver also fell, reaching $17.93 but managed to close at the opening price of $18.22. Platinum followed his yellow friend, dropping 0.52% to close at $1715.00.
Precious metals have witnessed a comeback as they rose due to exploitation of gold as an alternative investment, silver as a tool for speculation and platinum as an industrial metal. Traders are tempted into the precious metals market by the growth in the world's leading economies, in which the United States and China stand out as leaders with rapid expansion.
The Yuan could rise affected by the step to floating exchange rates, an event that could trigger a rise in prices that would make Gold more enticing. Chinese investor will have the option of purchasing gold as a hedge. The medium term trend remains upward, while sporadic reports from key gold trading companies and experts point to a large rise in gold prices throughout this year.
Gold has gained 0.44% today to record $1156.20 at 2:20 EST. Silver has meanwhile risen by 0.38% and is trading at $18.29, while platinum climbed 0.47% to $1723.00 which is close to the peak it recorded in 2008.