Gold slightly lower yet preserves haven status amid jitters
Gold advanced on Friday compensating most of the losses endured during the week and managed to end in New York at 1255.70 rising 0.99%; silver also paced gold's footsteps and inclined noticeably ending Friday at 19.10 adding 2.25%. The gains have also been seen in London as gold rose from the AM fixing at 1242.50 to 1254.00 in the PM fixing.
Platinum also added 0.64% to end at 1569.00 while today both platinum and silver were trading positively while gold settled with a slight decline. As of 03:02 EST gold was trading around 1253.30, silver was higher by 0.37% at 19.17 and platinum was trading around 1580.00 higher by 0.70%.
Oil's surged on Friday and today's consolidation above 78.00 and the dollar's decline all aided gold to preserve its bullishness and supported further the appreciation for silver and platinum. Today, Asian markets performance was mixed where Nikkei 225 ended down by 0.45% alongside Australia equities which decline, while other markets ended in green.
Still the jitters over the European debt crisis and the repercussions on the recovery and global growth continues to be the main source of agony. Investors are still seeking gold as a safe haven against the prevailing uncertainties and even with the G20 leaders pledge to cut the deficits and control public spending yet as soon as their economies gain grounds. That eased the fears slightly over the outlook for the recovery just did not erase the fears.
This week we are waiting the US jobs report and it will be the last straw for the market as the slow development in the jobs market is taken as further support to the ongoing notion that the recovery is slowing, confirmed by the Feds that stated downside effects remain on the US economy on the back of the European debt crisis.