Spot gold traded near the $1,493.00 level on the bid-side, rising 0.34% as players tried to right the golden vessel and push back towards the psychological $1,500 mark once again. Highs overnight in gold came in near the $1,498.00 level. Participants will be on the lookout for the release of the FOMC’s minutes later in the day and are sure to parse the same for any clues to near-term and medium-term Fed monetary policy plans that could be found therein.
Albeit the US dollar showed little in the way of gains (rising 0.16 on the trade-weighted index to 75.40) it also showed no tendencies to ease much below its recent multi-week highs for the time being. Crude oil led the charge this morning, rising more than $1.20 per barrel and the enthusiasm for black gold spilled over into the silver pits where a 1.68% gain was seen in the early part of the trading morning in New York.
The largest and rather singular (okay, lead lost 0.08% to be fair) damage this morning was inflicted upon rhodium, which fell an additional $70 to touch the $1,930.00 level. A harvest of Japanese statistical data which is due on Thursday might inflict further potential damage to the platinum-group metals. Clearly, the March Sendai quake is very likely to have affected Japan’s GDP as well as its industrial output.
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