Gold prices resume their incline
Gold prices are climbing as a result of investors turning to gold seeking a safe-haven against the sovereign debt in Europe, as there are woes that it might spread to other economies holding back an economic recovery.
Yesterday, gold inclined $6.00 or 0.49% to close at $1239.85 an ounce while the dollar lost strength six major currencies which are measured by the Dollar Index, declined to close at 86.10 while recording a high of 86.25 and a low of 85.74.
Among other precious metals; platinum is traded at $1576.00; palladium at $483.00; silver at $18.82; while, copper is at $297.73. Turning to commodity futures we see last yesterday, S&P GSCI closed at 508.70 points recording a high of 518.38 points and a low of 506.04 points while RJ/CRB Commodity closed at 262.68 points recording a high of 264.31 points and a low of 261.73.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, increased to post a record high of 1,313.13 metric tons. Gold was set in London on Tuesday at $1236.00 per ounce inclining from $1235.25 per ounce during the AM fixing.
In addition, stocks in Asia declined as a result of the U.S. economic data yesterday regarding the housing sector which was worse than expectations, therefore arousing worries back into the market causing investors to avoid higher yielding assets.
Turning to oil, we see that prices are also slipping pressured from the U.S. data, while the U.S. economy is known as the biggest energy consumer in the world, so dead beat data means that less energy demand from the nation.
Currently, spot gold is trading at $1240.94 an ounce recording a high of $1244.01 an ounce and a low of $1237.77 an ounce.