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The yellow metal inclined slightly above $934.00 an ounce as the dollar retreated against majors after gains achieved yesterday. The green currency strengthened on Thursday against a basket of major currencies as U.S. reports on jobless claims and manufacturing boosted the greenback. In response, the shiny metal plunged to $932.85 an ounce, losing 6.50 points or 0.69% and recording a high of $942.92 and a low of $929.91.
The previous day gold Price was set in London at $940.50 per ounce inclining from $936.75 per ounce during the AM fixing. SPDR gold trust, the world's largest exchange-traded fund backed by bullion, remained unchanged at 1,132.15 metric tons on June 18.
The dollar index, a gauge of the dollar's movements versus six major currencies, slid today to 80.45 compared with yesterday's closing at 80.59. Meanwhile, gold prices are closely related to dollar movements. The inverse relation started to strengthen gains as last year as the recession abates. S&P GSCI shed 0.20 points to 465.87 and RJ/CRB Commodity shot up 0.03 points to 256.85, whereas crude oil ticked up to $71.57.
The upbeat data provided documentary evidence the U.S. economy is on the right track. U.S. stocks advanced retracing three consecutive days of losses, and Asian stocks also soared following the U.S. suite. The S&P 500 edged up 0.8% to 918.37; Dow Jones added 58.42 points or 0.7 percent to 8,555.6; while Nasdaq slipped less than 0.1%. The MSCI Asia Pacific Index snapped its biggest weekly decline since March gaining 0.8% to 101.43 at the early trading.
Among other precious metals, Platinum surged to $1211.00 from $1207.00 yesterday; Palladium rose to $238.00 from $237.50; Silver remained unchanged at $14.22; and copper retreated to 224.70 from $226.65 on Thursday.
Ecpulse
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