The shiny metal still holding onto the gains
Gold advanced today after the opening in the Asian session, extending the gains recorded in the past four sessions, and approaching its historical record set at $1814.85 per ounce, where the metal is mainly affected by the ongoing concerns regarding the European debt crisis, U.S. debt and the slowing pace of global growth, where the flow of weak fundamentals in addition to the debt woes and jitters in the market supported the negative momentum on the pace of recovery along with spreading huge wave of pessimism, while the yellow metal gained the most and returns on the upside track continuing the long positive journey, where the metal could close today in New York session above the level of $1800.00 an ounce, unless some upbeat news should reduce the tensions and pessimism.
Gold is inclining gradually, recovering the losses recorded after setting the new historic peak, where gold is approaching to set new historical record in the coming period, as demand for safe havens is expected to remain strong in the time no solutions are found to solve the European debt crisis, which seems to be expanding to another countries within the zone and also affecting the euro area's economy as a whole, where the flow of weak fundamentals in Europe confirmed the slowing pace of growth and that the recovery has lost its positive momentum, while we see no new acts from central banks and policy makers to prevent the debt crisis from worsening and deepening further, as the German chancellor meeting with the French president failed to ease any of the prevailing woes, but in fact supported the wave of pessimism to extend and fears to spread widely.
Spot gold is currently hovering around $1796.65 per ounce, after the opening in the Asian session at $1790.90; the yellow metal also recorded the high of $1796.75 per ounce and the low of $1783.65 per ounce.
Today, volatility and heavy fluctuations could be seen in the market, as the lack of confidence and pessimism are dominant, while we are waiting for the inflation figures from the world's largest economy in addition to the critical jobs report, Philadelphia indicator and the housing sector performance, with expectations for worsening economic conditions amid slowing pace of growth in the U.S.
Among other precious metals, silver returns to fluctuate heavily after the gains recorded in the past session, where yesterday we noticed that silver and platinum gained more than the yellow metal as investors were looking for safe havens but with relative high returns.
Spot silver opened the Asian session today at $40.29 per ounce, and then recorded the high of $40.46 and the low of $40.02, while the metal is currently hovering around $40.26 an ounce.
Platinum declined a bit today after the opening in the Asian session at $1845.00 per ounce, and is currently hovering around $1843.00 per ounce. The metal also recorded the high of $1848.00 and the low of $1836.00 an ounce.