Fundamental Precious Metals (2010-12-23)

<h3>Gold slightly changed in trading Thursday</h3>
By @ibtimes on

Gold slightly changed in trading Thursday

Narrow trading is dominating the metal's trading, while speculations signal that the metal would benefit from Europe's debt crisis and ascend further as investors seek to protect their wealth in preparation for the year to come.

Gold for immediate delivery rose slightly to trade at 1,386.90, compared with the opening levels of 1,385.17 while setting a high of 1,388.25 and a low of 1,384.40.

The euro is trading near three-week low against the dollar, while the dollar extended its drop for the second day as noted on the US dollar index, which tracks the performance of the currency against majors.

The index, opened at 80.57, while setting a high of 80.65 and a low of 80.39 before dropping to trade at 80.42.

Gold futures rose by 0.01% or $0.100 to trade at 1,387.500, while Silver futures dropped by 0.10% or $0.030 to trade at 29.355 an ounce.

Major Market Movers

Lack of fundamentals from the European continent will drive the dollar lower, accordingly and due to the inverse relationship between commodities and the single currency, metals are forecasted to rise slightly today, while to maintain its side-way trading as trading volume in market are at its minimum due to the holiday.

Other Metals

Silver sales are forecasted to rise in the upcoming period, as investors seek protection from inflation and wealth from the volatility they face in FX-exchange markets.

Silver for immediate delivery inched higher on the daily scale to trade at 29.29 an ounce, compared with the opening levels of 29.20, while touching a high of 29.33 an ounce and a low of 29.18.

Platinum for immediate delivery rose by $7.0 to trade at $1,729.00 an ounce, Palladium rose by $3.0 to trade at $752.00 an ounce.

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