Profit-taking affects gold curbing silver and platinum
Gold is steadily approaching its all time historic high of 1226.00 as it climbed to 1215.00 last week before closing at 1208.00 in New York. Gold rose to 1202.25 from 1199.60 in London trading, to continue its uphill course in the New York session and slightly declined by the end of the session due to profit-taking.
Silver and platinum were able to sustain the gains they acquired, as most speculative profit-taking was concentrated on gold. Platinum managed to ascend 0.55% to 1660.00 and silver climbed up 4.13% to 18.40.
Profit-taking from gold persisted today, though buying orders were also placed for a safe haven from the Greek crisis and the stock markets slump. Today's agreement on a new aid plan and the loan program for indebted nations by the 16 area nations with support of the IMF raised some confidence in the markets, with the Asian stocks being an example after rising to acquire significant profits. Nikkei closed with a 1.60% gain, while American stock futures are also trading on a high note promising a positive session from American stocks.
Silver and platinum continued their upward stroll today with silver climbing by 0.05% to 18.41 at 2:22 EST and platinum attaining 1682.00 after rising by 1.33%. Gold on the other hand has so far lost 0.89% declining to 1197.30, as investors start abandoning the safe haven they sought in gold.
Oil has declined to around $75.00 even though the dollar index fell causing some havoc in the precious metal markets. The European financial rescue plan that spread optimism among investors was, however, the main reason behind gold's slump.
Gold's general trend is still bullish over the short-term, as downward corrections are perfectly normal after the huge gain gold achieved last week. S&P GSCI fell 5.18 points to 503.47 with the oil putting the most downward force, as commodity markets fell. Precious metals are also under the influence of bearish pressure due to the growing confidence in the market, but the main trend is still upward in the short-term, especially if the greenback continues its depreciation.