Gold traded higher for the first time in three days as investors sought safety, along with the depreciation of the dollar against majors as seen on the US dollar index; which tracks the performance of the dollar against the pound, the yen, the euro and other three major currencies.
On a daily scale, gold for immediate delivery rose to trade at 1,375.69 an ounce, compared with the opening levels of 1,369.97 an ounce.
The US dollar index opened today's trading at 79.80 where it managed to reach a high of 79.88 and a low of 79.66, while currently; the index is trading at 79.71.
Due to the inverse relationship between the metal and the greenback, gold for immediate delivery ascended, while gold futures rose by 0.42 percent or $5.80 to trade at 1,376.800 an ounce.
Major Market Movers
Moody's Investors Services downgraded Ireland's credit rating Friday by five levels taking the country's credit rating to Baa1 from Aa2, along with placing the outlook for the country to \"Negative\". Moody's downgrade comes as speculations hinted that the Irish government would suffer to overhaul the banking sector.
The Euro rose against the dollar after the release of the news, allowing the dollar to depreciate and for commodities to benefit.
Other Metals
Silver sales are forecasted to rise in the upcoming period, as investors seek protection from inflation and wealth from the volatility they face in FX-exchange markets.
Silver for immediate delivery rose on the daily scale to trade at 29.01 an ounce, touching a high of 29.29 an ounce and a low of 28.78, compared with the opening levels of 28.86.
Projections for silver's trading set the metal to range between $20.0 - $25.0 for the remainder of the year, as the short-term direction still faces pressures rather than enjoying a bullish trend.
Platinum for immediate delivery rose by $12.0 to trade at $1,702.00 an ounce, Palladium rose $4.0 to trade at $740.00 an ounce.
