Gold slides to three-month low
Yesterday's trading session witnessed a slump in demand for the precious metal where investors shift to risky investments such as gold, along with high yielding assets, caused fluctuations in gold trading, where it slid to a low of $1157.97 an ounce, after setting a high of $1186.95 an ounce in yesterday's trading. the slump caused the yellow metal to ensure a daily closing below the 100 MA trend, thus raising speculations that a bearish trend will force gold to depreciate near 1127.00 levels.
So far, gold for immediate delivery bounced higher from a three-month low; where trading opened at $1161.05 an ounce, to currently trade at $1162.65. Gold reached the highest levels in today's trading at $1164.81 an ounce, and the lowest at $1160.80 an ounce. For Today's Technical points for precious metals Click Here.
Gold slid nearly $100.0 from the historic record highs, recorded June 21 at $1265.30 an ounce, affected by traders reducing their stakes and investments in the SPDR Gold Trust, the world's largest exchange-trade fund. SPDR Gold Trust stated that gold holding dropped by nearly 0.90 metric tons to 1300.83 tons yesterday.
Gold is affected by the improving conditions around the globe, despite fears that economic recovery in the world might falter as Europe struggle with high debt, while the US economic sector continue to fluctuate and cause delays in recovery.
The U.S. dollar index, which tracks the performance of the dollar against a basket of currencies, declined on the daily scale, where the index is currently trading at 82.032, compared with the opening levels of 82.196. The index reached the highest so far at 82.29 and the lowest at 81.94.
Silver traded below the opening levels, where the opening levels were set at $17.64 an ounce, where it is currently trading at $17.60 an ounce. Silver managed to reach the highest levels so far at $17.72 an ounce, and the lowest at $17.57 an ounce. Meanwhile, the world's most expensive metal, platinum, gained so far in today's trading by $11 or reaching $1536 an ounce. Meanwhile, Palladium inclined where the metal traded $4.0 higher, at $468.00.