The market has witnessed aggressive movements after the US agreed to raise the debt ceiling and the investors see the global economy is losing momentum increased the demand for the precious metal as an investment haven.

On the other hand, Moody firm noted that there is a negative outlook for the US economy, further the U.S. gross domestic product expanded 1.3% annual rate in the second quarter, after a 0.4% pace in the prior period, which is the worst six months since the recovery began in June 2009.

Moreover, the consumer spending curve in US has unexpectedly slumped during the period, adding the economic recovery in the world's largest economy is in a hurdle phase at this time.

As for the European Zone, we can see that the debt crisis is going to escalate once again because of Italy, Spain and Cyprus joined the debt cycle, so the investor's fears are escalating which is a negative impact on the market's movements, where Italian and Spanish 10-year governments bonds plummeting in the European session.