Precious metal prices end the rally
Gold prices halt their gains on anticipations that prices have risen heavily lately which is led investors to lock in profits and exit markets seeking potential, therefore, this weighed on gold prices as fund began flowing out.
Yesterday, gold declined $1.30 or 0.10% to close at $1237.17 an ounce while the dollar lost strength six major currencies which are measured by the Dollar Index, declined to close at 85.80 while recording a high of 86.41 and a low of 85.64.
Among other precious metals; platinum is traded at $1558.10; palladium at $470.40; silver at $18.42; while, copper is at $297.23. Turning to commodity futures we see last yesterday, S&P GSCI closed at 500.43 points recording a high of 508.61 points and a low of 497.23 points while RJ/CRB Commodity closed at 259.72 points recording a high of 262.82 points and a low of 259.29.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, remained steady at the record high of 1,313.13 metric tons. Gold was set in London on Wednesday at $1226.50 per ounce declining from $1243.00 per ounce during the AM fixing.
Furthermore, stocks in Asia inclined as a result of Australia's new prime minister saying she might lower the resources tax proposed by the predecessor on mining companies, while material producers stock companies climbed therefore supported the overall stock markets.
Turning to oil, we see that prices are rising as the dollar weakened, which meant that investors were interested in commodities as they are priced in dollars, as it becomes cheaper for them.
Currently, spot gold is trading at $1231.84 an ounce recording a high of $1237.90 an ounce and a low of $1227.70 an ounce.