Gold prices are inching higher
Gold prices are slightly rising as a result of investors buying gold as safe-haven against the sovereign debt in Europe, as there are concerns that it might spread to other economies which would weigh on growth levels.
Yesterday, gold inclined $6.10 or 0.49% to close at $1243.22 an ounce while the dollar lost strength six major currencies which are measured by the Dollar Index, declined to close at 85.73 while recording a high of 85.99 and a low of 85.40.
Among other precious metals; platinum is traded at $1563.50; palladium at $472.00; silver at $18.71; while, copper is at $299.00. Turning to commodity futures we see yesterday, S&P GSCI closed at 501.80 points recording a high of 502.21 points and a low of 496.88 points while RJ/CRB Commodity closed at 261.62 points recording a high of 261.71 points and a low of 259.72.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, increased to post a record high of 1,316.18 metric tons. Gold was set in London on Thursday at $1236.25 per ounce inclining from $1233.25 per ounce during the AM fixing.
In addition, stocks in Asia declined as a result of the U.S. economy announcing weak company earnings projections, therefore hinting that conditions remain undermined in the world's biggest economy, and this scares investors from stock markets.
Turning to oil, we see that prices are declining, as a result of lower stock markets which usually give us a gauge of the economies health performance, and this meant that conditions are weak which meant crippled oil demand, causing investors to leave oil markets.
Currently, spot gold is trading at $1245.83 an ounce recording a high of $1246.85 an ounce and a low of $1240.95 an ounce.