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28/12/2012 09:05:49 AM
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Publish Date27/12/2012 04:21:21 PM
Last Update28/12/2012 11:04:23 AM
Commodities across financial markets fluctuated heavily today amid fears and doubts over the Fiscal Cliff that will push the world’s largest economy U.S. into recession again, and that kept financial markets under pressure as investors monitor very closely developments over these budget talks aimed in preventing this disaster.
Neither gold nor oil could detect where they are going today as uncertainty is very high and the world’s largest economy’s outlook is dark, where the coming couple of days are to detect whether the U.S. recovery will go on in the coming year 2013, or the economy will go back to recession status.
However, the shiny metal gold managed to achieve some slight gains as investors preferred it as a safe haven amid this high uncertainty especially that the U.S. dollar is weaker than the basket of major currencies, which urge investors to buy gold.
Gold opened today’s session at $1658.93 an ounce and recorded so far a high of $1665.27 per ounce and a low of $1652.56 an ounce, where it is currently trading around $1662.21 an ounce.
But when we look at crude oil, we can’t see this upside momentum, as the commodity is biased to the downside amid these growth related fears that would limits its future demand in the world’s biggest oil consumer.
Crude oil is currently trading a little below the opening level at $90.97 a barrel, where it reached a high of $91.40 and a low of $90.66 a barrel.
In general, we must keep our concentration on the fiscal cliff issue which will determine the entire market’s direction, where the ongoing negotiations between democrats and republicans seem to be with no result, which will activate the so called fiscal cliff.
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