Gold ends its 8 day rally
Gold ended its rally in the markets, which was the longest streak of inclines since December 2008 despite Asian stocks declining as the Prime Minister of Japan resigned.
Tuesday, gold rose $8.90 or 0.73% to close at $1225.42 an ounce while the dollar gained strength six major currencies which are measured by the Dollar Index, rose to close at 86.78 while recording a high of 87.46 and a low of 86.15.
Among other precious metals; platinum is traded at $1539.40 from $1548.00; palladium at $451.40 from $456.00; silver at $18.38 from $18.44; while, copper is at $300.25 from $300.21. Turning to commodity futures we see yesterday, S&P GSCI closed at 481.11 points recording a high of 493.35 points and a low of 476.20 points while RJ/CRB Commodity closed at 252.39 points recording a high of 256.71 points and a low of 252.38.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, climbed to 1,268.23.04 metric tons. Gold was set in London yesterday at $1227.75 per ounce inclining from $1219.75 per ounce during the AM fixing.
Turning to oil, we see that prices are declining as a result a weaker manufacturing sector in the U.S. economy which is biggest oil consumer in the world. As the manufacturing sector eased its climb therefore hinted that the global economic recovery is taking longer than earlier presumed.
Currently, spot gold is traded at $1221.95 an ounce recording a high of $1225.26 an ounce and a low of $1221.12 an ounce.