Apr 3, 2013
Commodities Brief – Precious metals pare losses on weakening USD, crude prices cannot stabilize above 97.00
Gold prices have started off the week under siege from a resurgent US dollar, however the fortunes have changed Wednesday, as gold managed to stage some tepid form of recovery ahead of US trading. With weak ADP employment numbers, gold found itself trading at USD $1572.42 per oz., slightly off its highs of 1574. Though the yellow metal is still operating below support, spot prices will now look to hold above the 1565 support (intraday low), to prevent a further downside from occurring.
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