Gold falls amid rising confidence in markets
Yesterday gold dropped, opposing the upward movement by silver and platinum. American stock indices made noticeable gains, rising from the confidence driven by the optimism in Triche's speech, as he confirmed ongoing recovery and moderate growth despite the debt problems in the old continent.
Investors were prompted to abandon their golden safe havens, after the rise in stocks. The Dow Jones ascended by 2.76% yesterday, while today Asian stocks followed the path of their American peers. Nikkei 225 Index close with a 1.70% gain, lowering demand for a golden safe haven further.
Gold fell by 1.25% in New York trading yesterday and closed at 1217.70, while silver and platinum rose by 0.77% and 0.52% consecutively to close at 18.24, 1534.00 in the same order. Today, gold has regained 0.25% and at exactly 02:43 EST trading at 1220.00. Silver, in the mean time, has risen by 0.55% to 18.34, while platinum ascended by 0.26% to a current 1538.00.
The general trend for precious metals, especially gold, is still bullish, even though confidence in markets is on the rise. Investors are still wary due to the European debt woes and the adoption of new credit tightening policies.
Many reports agree with gold's uptrend and see a near future threshold of $1300.00 per ounce. This premise is backed by several factors of which are the European debt crisis and its negative consequences on the global economy, along with rising oil prices and a possibility of a depreciating dollar.