Gold continues the weekly bullish wave as we expected earlier, where the metal is supported by the high level of uncertainty ahead of the European summit’s results today, where all eyes are looking forward to the European leaders, with speculations that they will be able to provide a comprehensive plan to tackle the debt crisis and stop the contagion.
Gold opened in the Asian session at $1705.02 per ounce and recorded the highest at $1719.96 and the lowest at $1694.82 and is currently hovering around $1717.50 an ounce.
Markets are anxious, while jitters and rising debt woes are dominating investors, especially after news reports yesterday showed that the finance chiefs’ meeting ahead of the European summit today was canceled, which supported metals to rebound yesterday despite the strong dollar, where we clarified earlier that the U.S. dollar pressured metals to the downside as gold became less attractive after exchange institutions raised margins on gold futures twice.
Silver also extended the gains recorded in the past two sessions after opening the session today at $33.23 per ounce, recording a high of $33.70 and a low of $32.87, and is trading now around $33.31 per ounce.
Among other precious metals, platinum opened the session today at $1565.00 per ounce and is currently trading around $1566.25 per ounce, after reaching the highest at $1577.25 and the lowest at $1561.75 per ounce.
