Fundamental Precious Metal

Today's US data came out gloomy and below market expectations, knowing GDP final estimate for the third quarter of this year came in worse at 2.2%; worse than the forecasted and prior growth rate of 2.8%, while the third quarter final reading of the GDP Price Index plunged slightly to 2.8% and the personal consumption as it plunged to 2.8%, indicating clearly that the recovery path remains on taking place at a slow pace.In fact, the high unemployment continues to delay a strong economical revival to be witnessed and remains on weakening the consumer spending despite the present boosted shopping across the country for the coming Christmas holidays, knowing that more and more discounts and goods offers are set by huge U.S known retailers as BestBuy and others.However, the housing market of the world's superpower continues on showing further signs of enhancement as it was stated by the FOMC throughout their last meeting, having in fact today the US releasing Existing Home Sales climbed to 6.54 million or 7.4 as percentage wise.

Consequently, hopes and fears are spread within overall markets and boosted accordingly the refuge appeal of the Federal currency, having the dollar index, which tracks the strength of the Federal currency in front of basket of currencies, reaching a three-month high on a daily scale to trade so far around 78.19 recording a high of 78.26 and a low of 77.84.As a result, the yellow precious metal prices are plunging on the daily chart to reach their lowest level in one month since the dollar is gaining momentum throughout the currencies market, knowing that these two have an inverse relation, having gold trading at $1082.55 an ounce recording a high of $1097.30 an ounce and a low of $1081.50, while the commodity indices REUTERS/JEFFERIES CRB INDEX shed 0.88 points to 273.90. For today's range and technical points click here.

Furthermore, the silver prices plunged to trade at $16.85 recording a high of $17.10 and a low of $16.81 and the platinum prices plunged to trade at $1396.40 recording a high of $1416.40 and a low of $1395.90, while the palladium dropped to trade at $357.00 recording a high of $361.50 and a low of $354.00.

Additionally, gold prices were set in the AM fixing at $1094.25 an ounce and at $1084.00 in the PM fixing and silver prices were set at $16.95 in the AM fixing, while platinum prices were set at $1421.00 in the AM fixing and $1410.00 in the PM fixing and the Palladium prices are set in the AM fixing at $362.00 and at $359.00 in the PM fixing. 
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