Gold prices decline on Goldman Sachs Group worries
The precious-metal prices are slightly changed while there are anticipations that U.S. regulators suing Goldman Sachs Group Inc. will boost demand for the dollar as an alternative investment, therefore based on these speculations, we see gold prices tumble.
Friday, gold fell $22.00 or 1.90% to close at $1136.33 an ounce while the dollar gained strength six major currencies which are measured by the Dollar Index, declined Friday to close at 80.75 while recording a high of 80.90 and a low of 80.42.
Among other precious metals; platinum is traded at $1674.00 from $1689.50; palladium at $518.20 from $530.00; silver at $17.65 from $17.74; while, copper is at $347.33 from $352.11. Turning to commodity futures we see last week Friday, S&P GSCI closed at 544.18 points recording a high of 552.19 points and a low of 540.52 points while RJ/CRB Commodity closed at 276.29 points recording a high of 279.75 points and a low of 275.42.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, stood steady at 1,141.04 metric tons. Gold was set in London on Friday at $1151.50 per ounce declining from $1157.00 per ounce during the AM fixing.
In addition, stocks in Asia climbed fell the most in two months after the Securities and Exchange Commission on Friday sued Goldman Sachs Group Inc. for fraud, which therefore caused China to restrain home loans.
Turning to oil, we see that prices are declining as a result anticipations that the climb in oil prices lately was overrated regarding the pace of the economic recovery, which therefore meant that the 18-month high gain was not accurate.
Currently, spot gold is traded at $1111.92 an ounce recording a high of $1112.80 an ounce and a low of $1105.55 an ounce.