Gold Sees Record Retreat in London over Apprehension about Europe’s Debt Crisis

Gold Sees Retreat in London over Apprehension about Europe’s Debt Crisis
Gold Sees Retreat in London over Apprehension about Europe’s Debt Crisis

Traders witnessed gold recording retreating trends in London, in an environment of concerns related to the worsening debt crisis in Europe. The gold assets in the SPDR Gold Trust, moved low 9.6% in this year, slid 0.9 metric ton to a value of 1,221.26 tons as seen the previous day. They advanced 2.71 tons on March 19, which was indicated as the first gain observed since February 7. Gold increased 1.3% this week registering the greatest performance observed since November with confusion in Cyprus turning attention to the alarm that the debt crisis in Europe will deteriorate.

Bullion fell 0.1% to a value of $1,613.15 per ounce as seen at 9:13 a.m. in London, averaging a weekly gain for the third time. The precious metal advanced to a value of $1,617.07 previous day, which was observed as the most expensive since February 26. Gold scheduled for April delivery moved low 0.1% to a value of $1,611.80 as observed on the Comex in New York. There are also readings that indicate that the volumes related to futures trading were lesser in comparison to the average compiled for the previous 100 days, by a value of 28%.

Another topic of focus is the plan evaluated by the finance ministers of the Euro-area to secure the two largest banks in Cyprus and to freeze the assets of depositors, which are uninsured. Whereas the European Central Bank announced that, it is likely to discontinue emergency funds to the banks in the nation after 25th of March, unless there is preparation for a solvency plan.

Silver scheduled for urgent delivery dropped 0.2 % to $29.10 per ounce. The trends recorded by Platinum were slightly varied at a value of $1,582.70 per ounce, and was seen to be positioned for a decline for the second week. Palladium declined 0.2% to a value of $753.73 per ounce, and it was placed for a 2.9% fall this week.

In the initial part of Friday’s session in the Asian trading markets, gold futures were seen to be registering minor low trends. Copper for scheduled for May delivery slid 0.04% to a value of $$3.437 an ounce.