Gold and Platinum Gain reports Gold Market Price Today
Concerns over Europe weighs heavily on traders' minds
The concerns of the latter are due to the fear of the upcoming European Central Bank's meeting and what it could mean for trading.
Platinum and palladium were able to hold near 17-month highs, which was a benefit from the appetite for industrial metals staying steady. Confidence in the growth outlook for such metals continued to improve, and there were continued concerns over supply by large-scale producers like South Africa and Russia.
Spot gold rose 0.2% to $1,676 per ounce, while the U.S. Gold futures stuck at $5.30 higher per ounce at $1,678.80.
The European stocks fell after early gains and dropped 0.5% from the previous session's tentattive recovery slowed its momentum, as European banks slid as a result of concerns over the regions economic health.
Gold continued to stay in line with other stocks for the majority of last year, but developed an inverse relationship to as of late.
"Gold seems to have disconnected from most other markets as investors simply don't know in which direction you will get the next $100 move," Saxo Bank analyst Ole Hansen said. "We have not closed above or below the 50- and 200-day simple moving average for the past six days (today $1,664-$1,678). Once that happens we may get the clue as to which of the two key support and resistance levels will be tested first."
The ECB's president Mario Draghi will likely have to bear some tough questioning regarding the impact of the euro's recent appreciation on growth and inflation, which has been mired with inflation speculation, despite the bank being unlikely to contemplate interest rate cuts.
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