Slight movement in commodities markets
Precious metal prices are slightly changed yet they may climb especially as Moody's Investors Service yesterday lowered Greece's credit rating to non-investment grade or junk, which means that investors might seek a safe-have investment which would support gold prices.
Yesterday, gold declined $6.10 or 0.50% to close at $1220.90 an ounce while the dollar lost strength six major currencies which are measured by the Dollar Index, declined to close at 86.65 while recording a high of 87.01 and a low of 86.17.
Among other precious metals; platinum is traded at $1554.70; palladium at $457.50; silver at $18.29; while, copper is at $297.73. Turning to commodity futures we see last yesterday, S&P GSCI closed at 500.10 points recording a high of 504.47 points and a low of 495.93 points while RJ/CRB Commodity closed at 259.98 points recording a high of 260.51 points and a low of 255.92.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, stood steady at 1,306.14 metric tons. Gold was set in London on Monday at $1223.75 per ounce declining from $1229.50 per ounce during the AM fixing.
In addition, stocks in Asia extended their incline for the fourth day in the row after analyst ratings on Japanese carmakers and brokerages were improved which showed that company earnings will be affected from the debt crisis in Europe therefore increasing optimism in markets.
Turning to oil, we see that prices are slightly changed as commodities are still not taking an exact trend after they climbed heavily yesterday on anticipations that demand on energy products in the U.S. economy will incline therefore had attracted investors to oil markets.
Currently, spot gold is trading at $1222.10 an ounce recording a high of $1223.50 an ounce and a low of $1219.25 an ounce.