Gold to correct some of the weekly losses

As this week, this month and this year come to an end, gold rebounds to the upside after the huge losses incurred during the sessions this week, where investors are to close their gold positions ahead of the coming year, especially when volatility and heavy fluctuations are expected to dominate the market today with the lack of critical fundamentals from major economies.

Yesterday, gold declined sharply reaching the lowest level recorded since July; however, the metal returned to incline today as investors reversed their positions on the metal ahead of the coming year, where the high level of uncertainty in the market and thin trading could trigger more volatility.

Gold over weekly basis, started the session in Asia on Tuesday at $1606.95 per ounce, and recorded the highest at $1606.95 and the lowest at $1522.45 per ounce. Over daily basis, the metal opened the session today at $1544.35 per ounce, and recorded a high of $1563.00 and a low of $1543.95, and is currently hovering around $1557.88 per ounce.

Among other precious metals, silver opened the session today at $27.68 per ounce, and recorded the highest at $27.83 and the lowest at $27.27, and is currently hovering around $27.52 per ounce.

Platinum advanced 0.35% of $4.75 per ounce after the opening of $1369.25 per ounce, to currently trade around $1374.00. The metal reached a high of $1390.88 and a low of $1366.50 per ounce.