Gold climbs to all-time record above $1900 an ounce
Gold advanced today after the opening in the Asian session, to set a new historical record at $1911.90 per ounce, and then retreated to cut the earlier gains recorded in the past session, where the shiny metal is mainly affected by the mixed sentiment in the market, in addition to the profit taking on the metal by investors, awaiting the heavy fundamentals from Europe today.
Spot gold is fluctuating heavily, where after the opening in the Asian session at $1895.60 per ounce; the metal recorded the high of $1911.90 and the low of $1871.43, and is currently hovering around $1879.27 an ounce.
Gold slumped after setting a new historic peak today, as China manufacturing PMI advanced today, in addition inflation has retreated in New Zealand as flash expectations showed. Moreover, while the manufacturing sector performance in the euro zone largest economy came better than expectations, easing the metal's positive momentum and supported gold to trade lower.
As we expected, the shiny metal yesterday continued the upside journey after the profit taking seen when gold set new a historic record, while a slight wave of optimism was seen in the European stock markets. Today, gold again retreated after setting new all-time record as investors tend to take profit on the metal in the time Asian stock indexes are trading all in green, while stocks indexes in U.S and Europe closed on gains yesterday.
Moreover, the euro zone purchasing managers' index for the manufacturing and services sectors came better than expectations, which spread a slight wave of optimism in the market, easing the upside pressures on the shiny metal, however, the metal is still trading high amid the downbeat growth outlook along with the worsening debt crisis and rising recession-concerns that are dominant in the market, while the main sentiment is still pessimism and confidence is still fragile.
Among other precious metals, we noticed that silver declined today after the opening in the Asian session, cutting the gains recorded in the past sessions, while the metal is fluctuating heavily today amid the heavy fundamentals and mixed sentiment.
The metal opened the session today at $43.69 an ounce, and recorded the high of $44.17, but the metal declined and covered the opening gap seen at the beginning of this week when reached the low of $42.73 per ounce, however, the metal returns to trade a bit higher now at $43.22 per ounce.
Platinum surged today, extending the gains recorded in the past session, where the metal returns to trade higher than the yellow metal as platinum is trading around a three-year record. The metal advanced today, setting the high of $1917.00 per ounce after recording the low of $1889.00. The metal opened the session at $1893.00 and is currently hovering around $1915.00 an ounce.