The Group of Seven decided today to intervene in a coordinated and cooperative manner into the Forex market selling the Japanese yen against the dollar as an attempt to help the Japanese economy and work to reduce the value of the yen, which reached its highest level since the Second World War after the devastating earthquake that hit Japan On March 11 which caused the emergence of the possibility of a nuclear catastrophe.
Bullion for immediate delivery rose in trading to $1,420.07 an ounce compared with the opening levels of $1,403.85 an ounce, while setting a high of $1,423.80 an ounce and a low of $1,401.92 an ounce. Futures rose 1.19% to trade at $1,420.900 an ounce.
The US dollar index, which tracks the performance of the currency against six-majors, traded lower at 75.855, compared with the opening levels of 76.131, while setting a high of 76.256 and a low of 75.756. Gold usually moves inversely with the dollar as commodities are a dollar weighted index.
Tensions in markets started to ease, albeit at a slight extent, reviving demand on shares on hopes the Japanese nuclear radiation leaks will be trimmed.
Japanese experts are trying to lower that radiations leaking from reactor number 4 of Fukushima Dai-Ichi power plant, where the woes pushed the yen to record high against the dollar yesterday before its rebound.
The S&P GSCI index closed trading at 700.43; higher by 22.92 percent, while the RJ/CRB commodity index closed at 349.51, after gaining 0.84 percent.
Major Metal Fixing
As for metal Fixes (Mar 18); Gold fixed at AM Fix was set at $1,415.50 an ounce while the PM fixing (MAR 17) was set at $1,403.75 an ounce; meanwhile silver fixing was set at $35.15000 an ounce and Platinum AM Fixing (Mar 18) was set at $1,719.00 an ounce, and at 1,720.00 an ounce during the PM fixing (Mar 18); finally ending with Palladium AM fixing set at $722.00 at (Mar 18) AM fixing, while the PM fixing (Mar 18) was set at $727.00 an ounce.
Other Metals
Silver for immediate delivery traded at $35.17 an ounce compared with the opening levels of $34.24 an ounce, while setting a high of $35.39 an ounce and a low of $34.23 an ounce. Silver future contracts traded higher by 2.78% or 0.952 to trade at 35.210 an ounce
Platinum for immediate delivery traded higher by $12.0, at $1,715.50 an ounce, while Palladium gained by $21.0 to trade at $726.50 an ounce.
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