Gold correctional trend
After sliding to a three month-low in Tuesday's trading session, gold rebounded from the support levels at $1156.7 yesterday and managed to seal daily trading on gains. Thursday's trading witnessed an extend to the rise that was witnessed a day earlier where gold prices opened at the support levels seen at $1162.36, which enabled the precious metal to extend the rise as it built a solid base for trading.
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.
The absence of fundamentals from Europe, led traders to turn to the US for signs of global recovery, but the disappointment came from US durable goods report which slumped in the month of June by 1.0 percent, compared with a revised -0.8%. Accordingly, investors turned to high yielding assets and gold as a safe investment, while discarding trading in stocks and low yielding assets.
Stocks in Europe ended yesterday's trading session between gains and losses, where CAC 40 Index rose by 0.11% at 3670.36, while DAX index plunged by 0.46% at 6178.94 along with FTSE 100 Index that lost 0.86% at 5319.68.
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 81.87, compared with the opening levels of 81.98. The index reached the highest so far at 82.16 and the lowest at 81.82.
So far, gold for immediate delivery is trading at $1166.85 an ounce, compared with the opening levels mentioned above. Gold reached the highest levels in today's trading at $1169.36 an ounce, and the lowest at $1162.15 an ounce. For Today's Technical points for precious metals Click Here.
Silver traded higher than the opening levels, where the opening levels were set at $117.48 an ounce, where it is currently trading at $17.57 an ounce. Silver managed to reach the highest levels so far at $17.63 an ounce, and the lowest at $17.43 an ounce. Meanwhile, the world's most expensive metal, platinum, gained so far in today's trading by $6.0 reaching $1542 an ounce. Meanwhile, Palladium inclined where the metal traded $6.0 higher, at $471.00.