Precious metals and Gold slip into negative territory as the USD rebounds though the market, according to some analysts, had switched on to risk-on mode. Spot Gold rose about 2.2% overnight to close above $1,600/oz as investors saw a bargain in rattled markets and strength in global manufacturing activity which points to steady demand. Two major auctions of long-term bonds this week “may help to set the tone ahead of next Monday’s meeting between Chancellor Merkel and President Sarkozy.” Spot Gold is at $1,595.30/oz, down $8.30, silver is at $29.22/oz, down 49 cents, platinum is at $1,419/oz, down $10 and palladium is at $653/oz, down $11 from its previous close.
EasyForexNews Research Team