RTTN: Gold Hovers Near Record High Amid Volatile Currencies
(RTTNews) - The price of gold bounced back Tuesday morning as currency markets remained volatile amid waning optimism over the EU bailout package.
Gold for June delivery was up $16.70 to $1,217.50 an ounce, after briefly dipping below the $1,200 mark in the previous session. Yesterday, gold pricesfell following the announcement of a huge aid package by EU and the IMF.
The price of gold hit an all time high of $1,226.60 an ounce last December.
Meanwhile, the U.S. dollar moved back near its 14-month high versus the euro, after briefly retreating from the high in the previous session. Yesterday, the euro bounced back from its multi-month low against the dollar after the EU leaders announced a nearly $1 trillion package to the debt ridden euro zone nations. The greenback is also ticking higher against the British pound.
Elsewhere, the prices of silver and platinum were ticking lower in morning deals.
With a very light economic calendar, traders will look to the movements in currency markets to get clues.
