Written by article default Tuesday, 30 November 2010 14:45
Precious-Gold was little changed as expectations China will ease its inflation outweighed European debt concerns.Spot gold is trading at $1368.31 an ounce, recording a high of $1370.07 and a low of $1362.72, to record its fourth consecutive monthly rise in November.
China which is suffering from high inflation that reached 4.4% in October may raise interest rate to curb inflation.
On the other hand, the Irish 85 billion-euro surveillance package could not restore confidence in markets as bond yields and cost of insuring against default rose while shares dropped yesterday due to rising possibility the contagion will affect other highly indebted nations, more specifically Portugal and Spain, may ask for a rescue package soon.
The euro slipped to ten-week low versus the dollar as where it reached a low of 1.3074 against the dollar compared with the day's opening price at 1.3122.
The US dollar, on the other hand, is currently traded at 80.80 while the highest point was recorded at 80.99 and lowest was at 80.66, according to the dollar index.
The dollar's rebound is lowering some of commodities gains achieved this month as it pushed oil down to a low of $85.05 from yesterday's closing at $85.80.
On the physical side, the IMF said the previous day it sold 19.5 metric tons of gold last month to buttress its finances.
Yesterday, gold added $3.10 or 0.23% an ounce to close at $1366.00 an ounce, while gold price was set in London at $1357.00 per ounce declining from $1360.00 during the AM fixing.
SPDR gold trust, the world's largest exchange-traded fund backed by bullion, soared to 1,286.60 metric tons yesterday from 1,285.08 on November 22.
Among other precious metals, platinum rose to $1647.00 from the day's opening at $1639.00, palladium edged up to $693.00 from $686.20, and silver surged to $27.20 from $27.01, as of 08:40 GMT.
Later in the day, the US will release important data including consumer confidence and Chicago PMI.
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