Gold fluctuated heavily after the opening in Asia today, to currently trade around the opening level; however the metal is biased to the upside ahead of the European leaders’ summit tomorrow, where all eyes are focused on the results of the summit tomorrow with lack of major fundamentals today, awaiting the mechanism of solving the debt crisis in Europe.
Gold opened in Asia today at $1653.42 per ounce, recording the highest at $1659.40 and the lowest at $1643.31, and is trading now near the opening level around $1654.12 per ounce.
Yesterday, gold was able to recover some of the losses incurred during the past week, where the metal closed in New York at $1653.27 per ounce, noting that gold opened at $1641.00 and recorded a high of $1661.68 per ounce.
Investors tend to hold more of the shiny metal as a hedge against uncertainty ahead of the European leaders summit, where despite the optimism seen yesterday, gold was able to close the session with gains supported by the weak dollar, which eased some of the downside pressures forced on commodities and metals.
