Gold down slightly this morning and still with bullish prospects on prevailing debt woes
Today, gold declined slightly during the Asian session, but still stabilizing and holding its grounds on concerns dominating the markets regarding the European debt crisis and the failure to agree on passing the tranche of loans and the new bailout package for Greece, increasing the possibility of a default which may keep gold biased to the upside.
Gold is currently trading around $1535.87 per ounce, after the opening at $1539.50; it recorded the high of $1541.11 and the low of $1534.70 per ounce.
The dollar inclined during the earlier trading, forcing pressures on precious metals to decline, where the low yield currency is considered as a primary choice for traders against all other investments, the dollar is demanded as a haven when concerns dominate the markets.
The euro declined today after yesterday's downbeat news from the euro zone finance ministers, where they haven't reached any agreement regarding the new bailout package for Greece, or over releasing the promised July tranche of loans from last year's bailout amid the political chaos in the debt-laden nation.
From Greece, investors are waiting for the confidence vote from the Parliament after Papandreou's Cabinet shuffle last week; later tomorrow, the parliament is scheduled to announce their confidence vote, which is needed to pass the new spending cuts, increasing taxes and further selling of public assets, where uncertainty is currently affecting the appetite of speculators driving the demand for precious metals to be relatively mixed amid rising fears.
Silver also declined, mainly because of the fears dominating the markets regarding the current situation in the euro zone, where speculating forces are trading with caution, pushing investors to stay away from silver.
It is currently trading around $35.67 per ounce after the opening at $35.98, during the day it recorded the high of $36.13 and the low of $35.50 per ounce.
Platinum, also declined today, and is currently trading around $1758.00 per ounce; it recorded the high of $1758.00 and the low of $1749.00 per ounce.