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Fundamental Precious Metals: Mixed sentiments and high tension lead to strong fluctuation
Written by article default Thursday, 07 October 2010 09:46
It has been a confusing week for investors, and today they have reached a point were they are uncertain which investment tool is the best way to raise income or at least preserve the value of assets the currently hold hence we see stocks, precious metals and other investment tools fluctuate in price indecisively.The reason behind the fluctuation is the contradicting economic indicators, as for today the weekly jobs report was released to show improvement in initial claims yet worsening in continuing claims, markets need a sure motive in order to decide whether to risk or play it safe, tomorrows jobs report regarding September might help them decide. Gold has recorded a new historic price at $1364.55 per ounce caused by the plunge in the U.S dollar in addition to slight increase in demand since a handful of investors chose the safe side.
The dollar index that measures the dollar's performance versus six major currencies including the Euro, Yen and Sterling pound fell from opening level of 77.47 as it currently reads 77.27, recording a days high of 77.48, and a low of 76.90.
Gold changed from the Am fixing of $1359.50 per ounce in London to reach $1345.00 per ounce in the PM fixing. Silver on the other hand was fixed on $23.83 per ounce.
The most expensive metal traded "the Platinum" changed from the Am fixing of $1720.00 per ounce to reach $1723.00 per ounce in the PM fixing. As for the Palladium, it changed from the Am fixing of $601.00 per ounce to reach $596.00 per ounce in the PM fixing.
The commodity index CRB fell 0.17 points or 0.06% to reach 288.98 points recording its highest level on 291.96 points and its lowest level on 288.70 points.
The Dow Jones UBS index which contains future contracts of 19 tangible commodities with somewhat equal weights, has dropped today by 0.12 points or 0.08% from yesterdays closing level of 141.43 points to currently trade at 141.32 points, the index opened at 142.34 points today, and recorded its highest level at 142.62 points and it lowest level at 140.97 points.
Gold is currently traded at $1335.00 as it plunged after recording its new historic high price at $1364.55, it recorded its lowest prices at $1334.60 per ounce after opening at $1344.69. Silver which is currently traded at $22.77 recorded its highest price at $23.50 and its lowest prices at $22.74 falling from the opening price of $23.10 per ounce.
Platinum which is currently traded on $1394.00 recorded its highest price at $1721.50 and its lowest prices at $1691.00 falling from opening price of $1705.00 per ounce. Palladium is currently traded at $584.00 and recorded its highest price at $601.50 and its lowest prices at $577.50 climbing from opening price of $580.00 per ounce.