Gold rose yesterday with the support of the weak dollar and continued worries about the U.S. debt talks while resulting in a slight decline in fears about South Africa supplies to rein in the price of platinum.
The price of gold rose in the spot market 0.2% to $ 1682.40 an ounce and moved in a narrow range after the drop in momentum enjoyed by the precious metal to technical factors. The rate stabilized platinum in the spot market at $ 1682.86 an ounce, down from its highest price in three months at $ 1699.50 scored by the middle of the week. The palladium price rose 0.2% to 724 dollars an ounce to near its highest level in 16 months of $ 724.50 recorded in the previous session. The price of silver rose 0.1% to 31.47 dollars per ounce, tracking gold.
Decline of franc
The Swiss franc fell to its lowest level in 13 months against the euro and its lowest level in a month against the dollar as investors continue to reduce short positions in the currency with the improving sentiment towards the euro. The euro rose 0.4% to 1.2434 francs on trading platform. Me. AKS electronic trading, the highest level since December 2011. The dollar rose 0.5% to 0.9355 francs, its highest level since 11 December 2012.
Calm of the yen
The dollar rose slightly against the yen after a media report quoted the Japanese Minister of Economy as saying that his recent statements on the yen had been misunderstood. The dollar rose 0.3% against the yen to 88.61 yen. Traders said the yen fell after the quoted Dow Jones News Service for Japan’s economy minister Akira Amari said he was sorry that his remarks on the yen on Tuesday misunderstood.
Amare was warned earlier that the extreme weakness of the yen could have a negative impact on the lives of people across the increases in import prices, comments pushed the dollar to fall against the yen. The Australian dollar fell 0.5% to $ 1.0514 after weaker-than-expected report on jobs kept on the possibility of reducing the interest rate in February.
The decline in employment in Australia is expected in December, bringing the unemployment rate to 5.4%. The euro rose 0.1 percent to $ 1.3302 and was having difficulty driving recover despite the fact that a senior official at the European Central Bank expressed confidence in the currency to rise in recent times.