Fundamental Precious Metals (2011-02-01)

<h3>Gold slashes yesterday’s losses</h3>
By @ibtimes on

Gold slashes yesterday’s losses

Gold ascended in trading to slash almost all of the losses acquired in yesterday's trading session after rebounding from the support at 1,322.89 an ounce. Political tension in Egypt failed to extend the downside pressures on the metal, where it ascended due to technical reasons.

Gold for immediate delivery traded higher than the opening levels of 1,332.45 an ounce where it's currently trading at 1,338.50. The metal reached the highest at 1,340.10 an ounce and the lowest at 1,331.97 an ounce. Gold Futures gained by 0.22 percent or $2.900 to trade at $1,337.400 an ounce

Major Market Movers

Today's report from the labor sector in Germany and the Euro Zone will capture investor's attention, ahead of US manufacturing data that will provide markets with a better picture about the conditions of the world's leading economy.

Political tension in Egypt continue to play a major role in affecting commodities trading, where Brent crude oil contracts rose to surpass $100.0 a barrel, while metals fluctuated but generally rising as demand for haven increases.

The S&P GSCI index closed at 655.2648 yesterday after gaining 13.150 points during yesterday's trading or 3.71%. the Reuters Jefferies CRB index gained 5.98 points to close trading at 341.49, compared with the opening levels of 336.82.

A report showed that assets in exchange-traded platforms (ETP) fell by 31.0 metric tons, reaching 2,043.09 tons, marking the biggest drop in two-years. The IMF said last week that global growth will hover near 4.4 percent this year, compared with earlier outlook that suggested an expansion of 4.2 percent.

Gold Fixes & Dollar's Movement:

Talking about metal Fixes (Jan 29), Gold fixes at AM Fix was set at $1,333.50 an ounce, while the PM Fix was set at $1,327.00, meanwhile silver fixing was set at $27.75000 an ounce and Platinum AM Fixing was set at $1,789.00 an ounce, reaching 1,781.00 by PM fixing, finally the Palladium AM fixing was set at $811.00 at the AM fixing while being set by PM fixing at $806.00 an ounce.

The US dollar index, which tracks the performance of the dollar against six-majors, traded unchanged at 77.55 where it managed to reach a low of 77.52 and a high of 77.60.

Other Metals

Silver for immediate delivery traded higher at $28.25 an ounce, compared with the opening levels of $28.04 an ounce, while setting a high of $28.33 an ounce and a low of $28.00 an ounce. Silver future contracts traded lower by 0.14% or 0.039 to trade at 28.130 an ounce

Platinum for immediate delivery traded higher by $12.0, at $1,801.00 an ounce, Palladium rose by $7.0 to trade at $820.50 an ounce.

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