Profit taking techniques dominate trading
Gold declined severely yesterday while negative pressures continued to influence trading today, a profit taken techniques dominated the market, where we witnessed a decline in the S&P GSCI index by 4.84 point to close at 629.99, meanwhile the RJ/CRB index lost 1.44 points to close at 331.39.
Crude oil fell sharply today and yesterday, where the Asian session witnessed crude trading near 85.10 per barrel.
Asian shares fell sharply, following S&P credit downgrade for Japan, the Japanese trading platform lost 1.13% while HangSeng index fell 0.81 percent.
Gold fell during yesterday's trading in the US session by 2.32% to close trading near $1,314.90 an ounce, while silver fell 2.50% to close at $26.92 an ounce, as for Platinum, the metal fell as well by 1.38% to close at $1,785.00 an ounce.
The massive sellout in markets dominated the scene for the second consecutive day to include all commodities trading platforms. Factory order from the US showed a decline in the performance of the sector as whole, meanwhile, Durable goods sales declined, causing a general profit taking techniques to dominate.
Precious metals fell to trade at 1314.60, as it depreciated by 0.02%. Silver is trading down by 0.63% to 26.75 while Platinum dropped by 0.84% to 1770.00.