Gold Preserves Gains
Source: Oil N' Gold, ecPulse (8/9/10)
"Mixed Asian trade today led investors further into the safety of gold."
Last week, gold continued its bullishness as the dollar depreciated further, especially as the U.S. jobs reports was abysmal and intensified the fears over the pace of the recovery and growing chances of an economic relapse. More jobs were lost while unemployment remained steady at its elevated level at 9.5%.
Gold last Friday was affected by the negativity of the jobs report to end higher by 0.9% at $1205. Silver also advanced 0.65% affected by the dollar's depreciation to settle at $18.46. Platinum was the least fortunate as it was affected by its growth related nature yet still ended marginally higher by 0.13% at $1,571.
Today the markets in Asia fluctuated as investors were mixed regarding the state of the U.S. economy and the outlook for global growth; especially that the better-than-expected consumer credit numbers last week eased the fears over growth as Americans borrow to finance spending. Nikkei ended lower by 0.72% as Goldman Sachs downgraded the U.S. and Japanese growth expectations, which came alongside weak trade figures.
Mixed performance in the Asian session today led investors further into the safety of gold; the metal was trading higher as of 02:25 EST by 0.19% at 1208.00 while silver advanced 0.38% to trade around 18.53. Platinum again was shunned and traded lower by 0.83% as investors' fears over the outlook depressed the appeal of the industrial metal.