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04/09/2012 07:11:59 AM
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Publish Date04/09/2012 07:11:59 AM
Last Update04/09/2012 07:24:55 AM
Although it moved in a tight range this morning, gold is seen enjoying positive momentum that could extend its gains on Tuesday especially after it broke the resistance found around the $1690.00 levels.
The precious metal is trading at its highest level in more than five months on speculation the disappointing economic data from the manufacturing sector around the globe could determine central banks to ease their monetary policies soon to support growth.
Gold is trading as of this writing around the $1695.65 per ounce after rising from the opening at 1691.86 while the lowest is found at $1690.38. Also helping gold extending its gains was the dollar index which fell today towards the 81.05 level.
While the deteriorating manufacturing sector is putting more pressure on policymakers to take actions, U.S. Federal Reserve Chairman Ben Bernanke kept the door open for more stimulus measures last week.
Meanwhile, Moody`s downgraded its outlook of the European Union to negative, warning it might downgrade the economic assessment if the ratings of France, Germany, the Netherlands and the United Kingdom will be lowered.
This is adding more pressures on European officials to find quick and solid solution to the region’s debt crisis before leaders in the region meet this week to discuss ECB’s President Mario Draghi’s plan to buy bonds.
Gold, which is seen as a hedge against inflation, benefits from further easing in the monetary policies, since prices are seen rising when the outlook for growth improves. The precious metal also tends to trade inversely to the dollar.
Markets will be closely watching today Switzerland’s GDP for Q2, UK’s PMI construction for August, Europe’s PPI for July, and the US’s ISM manufacturing for August and the construction spending for July.
Silver is trading as of this writing around the $32.15 per ounce level after from the opening at $32.03; meanwhile platinum is trading around the $1551.00 per ounce level while palladium is trading around the $635.00 per ounce level.
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