Gold hit a 6 week high yesterday, capitalising on the beleaguered dollar, which hit a 7 week low against the euro. Gold, in euro terms, is still maintaining a robust showing this morning. With many analysts commenting on the likely decline of the dollar as the reserve currency, after the economic turmoil subsides, gold is still at the forefront of people looking to hedge their portfolios against systemic risk and currency meltdown.
Silver also had a strong day yesterday, mirroring gold’s 6 week highs. After reaching the low £13.80s yesterday, it has corrected slightly and is currently trading at $13.65/oz.
Platinum group metals
Platinum is practically unchanged from yesterday and with very light trading in the metal, its direction is hard to predict. Palladium is edging ever closer to the $260/oz level, gaining $2 in yesterday’s trading. Rhodium is currently trading above that at $1,425/oz/$1,525/oz.