Gold Sees Further High

On Wednesday, the gold prices rose for the third continuous session, it is because a decline in the U.S dollar and all related elements which is attached to Greece’s debt crisis. But there was a continuous pressure on the market because of predictions of increasing U.S Interest rates and the mass departure of funds. The price of gold recorded at 07:06 GMT with an increase of 0.5 percent and the market moved at 1181.74 U.S dollars per ounce. It showed a handsome gain with 0.4 percent for the last two sessions.

On Friday, gold prices showed a decline and reached at 1162.35 U.S dollars, it is considered the lowest level since the Month of March. There is also a much stronger report regarding employment in the United State’s non-agricultural sectors. The gold also obtained a handsome support after falling the U.S dollar and comments by the governor of the Japan Central Bank that the Japanese Yen exchange rate is showing its lowest level. The mass departure of money from gold-backed ETFs also reduced advantages from the precious metals. Silver also rose with 0.94 percent at the rate of 16.09 U.S dollars per ounce. The price of Platinum recorded at 0.59 percent at the rate of 1109 U.S dollars and the Palladium recorded at 0.34 percent with the rate of 742.5 U.S dollars per ounce.

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