The final trading session of this second week of intense world events opened on a mixed note in various assets. Investors continue to digest fast-moving news stories and attempt to keep one step ahead of volatility and counterintuitive market moves.
The yellow metal appears to continue to target the $1,450.00 pivot point and might still end the week walking away with a fresh record book achievement. On the other hand, a breach of the March 15 lows could alter that odds-making picture quickly.
Mild gains were noted in precious metals for a fourth session this morning and they were primarily driven by currency market gyrations and uncertainties engendered by the on-going Japan post-quake woes and the campaign taking place in Libya.
Tuesday's trading action opened under somewhat more subdued conditions as a slight easing in the level of apprehensions surrounding Japan and the MENA region induced global investors to seek more profits in equity and risk.
Monday morning's New York trading sessions opened with robust gains both in black and yellow gold as speculators continued to add a healthy dose of fear-based premium to both commodities, and as they sold the US dollar off some more.
The advent of the United Nations' Libyan no-fly zone and the prospect of military action lifted crude oil prices in a hurry and that spark in the markets brought precious metals speculators back to the feeding frenzy trough equally fast overnight.
Precious metals prices opened amid mixed price trends this morning, reflecting on-going uncertainty and unease in all markets. Spot gold dealings got off to a rocky start, despite a sizeable slide in the US dollar overnight.