Fundamental Precious Metals (2011-02-11)

<h3>Gold unchanged in trading for the third day</h3>
By @ibtimes on

Gold unchanged in trading for the third day

Gold remained near the opening levels that has been set two days ago, but the speculated trend remains to the upside as investors target the precious metal to hedge against inflation.

Gold for immediate delivery traded at 1,362.73.81 an ounce, compared with the opening levels of 1,363.55 an ounce while setting a high of 1,365.90 an ounce and a low of 1,360.40 an ounce. Gold futures traded higher by 0.16% or $2.200 to trade at $1,364.700 an ounce.

Major Market Movers

Today's inflation reports from UK and the trade balance from the U.S. will occupy investors as Egypt's uprising continue to influence commodities trading, especially oil as it threaten crude supplies from the Middle East.

German CPI index dropped in January by 0.4 percent, compared with the previous -0.5%, while on the yearly scale, the index rose by 2.0 percent compared with the previous 1.9 percent.

The S&P GSCI index closed at 654.68 yesterday after gaining 0.13% in trading from the opening levels of 658.14. The Reuters Jefferies CRB index gained 0.52% to close trading 339.95, compared with the opening levels of 339.54.

Gold Fixes & Dollar's Movement:

Talking about metal Fixes (Feb 10), Gold fixes at AM Fix was set at $1,358.750 an ounce, and by the PM fixing at $1,353.250 an ounce, meanwhile silver fixing was set at $29.80000 an ounce and Platinum AM Fixing was set at $1,834.00 an ounce, and at 1,831.00 an ounce during the PM fixing, finally the Palladium AM fixing was set at $818.00 at the AM fixing while being set by PM fixing at $822.00 an ounce.

The US dollar index, which tracks the performance of the dollar against six-majors, traded at 76.39, compared with the opening levels of 78.32, while setting a high of 78.45 and a low of 78.31.

Other Metals

Silver for immediate delivery traded lower at $30.10 an ounce, compared with the opening levels of $30.17 an ounce, while setting a high of $30.21 an ounce and a low of $29.98 an ounce. Silver future contracts traded lower by 0.01% or 0.004 to trade at 30.090 an ounce

Platinum for immediate delivery traded higher by $6.0, at $1,830.00 an ounce, Palladium dropped by $4.0 to trade at $821.00 an ounce.

Join the Discussion