Gold fluctuates as this week comes to an end
Gold inclined yesterday, recovering some of the losses incurred during the week; however, the metal returns today to trade within narrow levels, slightly biased to the upside after the International Monetary Fund approved a loan worth 28 billion euro for the indebted nation Greece.
Volatility is dominating the session today as this week comes to an end, where we can see markets in general are trading narrowly with the lack of major fundamentals and events from advanced economies today, the thing that triggered more fluctuations from the precious yellow metal.
Gold is expected to remain volatile during the European session and to move in line with the sentiment in the market against the low yielding U.S. dollar. However, with the start of New York session gold will be affected by the U.S. consumer price index, with expectations inflation over annual basis will remain unchanged at 2.9%, but over monthly basis it is expected to expand by 0.4%.
Inflation has been one of the factors that supported the yellow metal to advance and set several records during 2011, where inflation and escalating debt crisis in addition the global slowdown forced upside pressures on the metal to surge and beat the most expensive widely tradable metal, platinum, in terms of ounce price.
However, platinum returns now to the first position beating gold which is currently trading around $1656.05 per ounce, down by 0.14% or $2.32 per ounce, from the opening level of $1658.43 per ounce. The metal set so far a high of $1665.03 and a low of $1655.30 per ounce.
Among other precious metals, silver gained so far 0.28% or $0.09 per ounce after the opening of $32.48 per ounce to currently trading around $32.57 per ounce. The metal recorded so far the highest at $32.74 and the lowest at $32.43.
Platinum on the other hand shed so far 0.22% or $3.75 per ounce to currently trade around $1682.75 per ounce, compared with the opening of $1686.50 per ounce. The metal reached a high of $1692.00 and a low of $1679.50 per ounce.
Palladium surged to a high of $707.75 per ounce today; however, the metal wasn't able to hold onto the gains are reversed to the downside reach a low of $700.00 per ounce. The metal trades now around 703.00, recording losses of 0.46% or $3.25 per ounce, compared to the opening level of $706.25 an ounce.