Gold prices are inching lower
Gold prices are slightly declining as the dollar is inclining therefore lowering demand on gold as an alternative investment, gold climbed heavily on Friday as a result of worries that the global economic recovery will stagger, which increases demand on gold as a safe-haven.
Friday, gold inclined $11.90 or 0.99% to close at $1210.95 an ounce while the dollar lost strength six major currencies which are measured by the Dollar Index, declined to close at 84.43 while recording a high of 84.76 and a low of 84.13.
Turning to commodity futures we see last week, S&P GSCI closed at 480.31 points recording a high of 486.82 points and a low of 478.87 points while RJ/CRB Commodity closed at 254.48 points recording a high of 256.55 points and a low of 253.83.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, fell to 1,318.91 metric tons. Gold was set in London on Friday at $1201.50 per ounce declining from $1210.50 per ounce during the AM fixing.
In addition, stocks in Asia added points on bright signs that economies in Asia will continue to prosper despite worries in markets that the debt crisis in Europe will undermine growth prospects.
Turning to oil, we see that prices are climbing for the first time as bets are being made that prices have dropped too much lately, therefore they are encouraged to enter markets as prices are cheaper for investors now.
Currently, spot gold is trading at $1211.43 an ounce recording a high of $1214.32 an ounce and a low of $1209.85 an ounce.