Precious metals are trading mixed with gold edging a touch higher in early Asian session. Some market participants say that Gold is finally breaking away from the correlation that has kept it trading in step with risk assets in recent months. Comex Gold contract for delivery in February, rose 0.5% Thursday to close at $1,620.10/oz, the highest settlement since Dec. 13 and the fourth consecutive session of gains. Traders continue to fret over ongoing tensions between Iran and the West after reports that European Union leaders have agreed in principle to an embargo on Iranian oil imports amid threats from Iran to stop ships through a key oil shipping route if sanctions are imposed. Spot Gold is at $1,621.60/oz, up 20 cents from New York’s informal close, while silver is at $29.25/oz, down 12 cents; platinum is at $1,413/oz, up $1, while palladium is at $636/oz, down $3.
EasyForexNews Research Team