Gold rise for the third consecutive day
Libya unrest continues to boost demand for safety among investors while inflation in Europe that surged beyond expectations in March helped lure investors to target the precious metal.
Bullion for immediate delivery rose to 1,435.16 an ounce, compared with the opening levels of 1,431.92 an ounce, while setting a high of 1,435.44 an ounce and a low of 1,429.57 an ounce. Gold futures dropped by 0.32% to trade at 1,435.300 an ounce.
Inflation in Europe spiked to 2.6 percent in March, compared with the previous and the expected 2.4 percent. Meanwhile, investors await the release of manufacturing data from Europe along with the nonfarm payrolls that is expected to show that the US economy added nearly 200.0 thousand jobs during last month.
The S&P/GSCI index closed at 725.62 after adding 14.41 points, while the RJ/CRB Commodity index closed at 359.43 after gaining 5.67 points.
At yesterday's fixing, gold in the AM fix was set at 1,431.00 an ounce, and at 1,439.00 an ounce during the PM fix, silver fixing was set at 37.87000 an ounce, while platinum fix was set at 1,775.00 an ounce during the AM fix, and at 1,773.00 an ounce during the PM fix, finally, Palladium was set at 761.00 an ounce during the AM fix and at 766.00 an ounce during the PM fix.
Silver for immediate delivery traded at 37.72 while setting a high of 37.79 and a low of 37.47 from the opening levels of 37.64. Silver future contacts dropped by 0.40% to trade at 37.735.
Platinum added $10.0 to trade at 1,770.00 an ounce, while Palladium added $4.0 to trade at 760.0 an ounce.