Narrow trading for the shiny metal
Gold is fluctuating within narrow levels since the opening today, while mixed sentiment and volatility is dominating the market and a wave of pessimism is spread through investors, in the time, the debt ceiling issue in the U.S. is deepening, while we are awaiting more confirmation form Europe after the softened debt crisis, which eased the jitters and fears in the zone, and finally rising concerns regarding gold’s supply from South Africa, where gold minors are expected to join the strikes in the country.
Spot gold was a little changed today after the opening of $1613.80 per ounce, recording the high of $1616.40 and the low of $1607.85, where is currently trading around $1613.05 per ounce.
The shiny metal advanced a lot during the past period on the European debt crisis and now the metal is trading near its historical record on the U.S. debt ceiling concerns, which supported the metal to consolidate at high levels after the European debt crisis started to soften gradually.
U.S. President Barack Obama, warned of a “deep economic crisis” and called lawmakers in the United States to solve the debt-ceiling issue, and to attempt to get to an agreement to raise the current debt ceiling of $14.3 trillion before August 2, or the nation will start defaulting on its obligations and the government will have to run low on funds and will not be able to cover its expenses and commitments.
Gold is fluctuating heavily since the morning, where the metal’s demand as a haven slumped a bit, but still, it is stable around its high levels amid the U.S. debt ceiling issue, waiting for applicable solutions from lawmakers in the country.
Gold’s supply could be disrupted through the coming period, where in South Africa; more than 200,000 gold minors will join the strikes in the country alongside with coal and diamond mine workers, after they have failed to reach an agreement with producers over pay, as the country’s National Union of Mineworkers said.
Among other precious metals, silver is also trading within narrow levels today, and was a little changed since the opening of $40.32 per ounce, to currently trade around $40.39 after recording the high of $40.54 and the low of $40.12 per ounce.
However, platinum declined today after the opening of $1799.00 per ounce, recording the low of $1794.00 and the high of $1799.00, and is currently trading around $1794.00 per ounce.