Gold Inches Up On Firmer Euro
Source: Oil N' Gold, ecPulse (3/8/10)
"Precious gold ticked up. . .as the euro strengthened against majors, especially dollar"
Last Friday, gold shed $1.90 or 0.17% to close at $1,113.18 an ounce. Gold Price was set in London on Friday at $1,135.00 per ounce during the PM fixing unchanged from the AM fixing. SPDR gold trust, the world's largest exchange-traded fund backed by bullion, advanced 0.8% to 1,116.12 metric tons on March 5.
Spot gold is traded at $1,135.60 an ounce after recording a high of $1,137.56 and a low of $1,132.20. The shiny metal advanced for the second day as the euro rebounded against majors after the Sarkozy's announcement yesterday during his meeting with the Greek Prime Minister that the EU is ready to give support to Greece if needed.
Boosted by the announcement, the euro inclined to 1.3665 from the day's opening at 1.3630 as of 08:40 GMT. The euro also gained on expectations German industrial production for January will show improvement, while for the rest of the day there are no important fundamentals from major economies. In addition, Asian stocks jumped to 6-weeks high and European stocks rallied.
On the other hand, the U.S. dollar slipped against a basket of major currencies as indicated by the dollar index to 80.20 from the day's opening at 80.41, where it is moving between support at 80.07 and resistance at 81.30.
With regard to other precious metals, platinum edged up to $1593.50 from the day's opening at $1581.00; palladium soared to $474.50 from $472.20; and silver surged to $17.45 from $17.41.