28th October 2011
Gold prices have diminished slightly in early trading today (October 28th) as a result of a lessening of an appetite for risk among investors following the successful agreement of measures to tackle the EU debt crisis earlier this week.
According to Reuters, the precious metal has dipped by 0.4 per cent so far this morning, coming down from a one-month high of $1,751.99 to $1,736.69 per ounce, as the dollar dropped due to the easing of tensions in Europe.
Commerzbank analyst Eugen Weinberg told the news provider: "Although we wouldn't rule out further consolidation at the current level, we still firmly believe that the risks in the system longer term justify even higher prices."
Meanwhile, German investor Deutsche Bank announced its strongest ever performance in commodities trading as part of its third quarter results, which were unveiled earlier this week.
The group recorded serious gains in opposition to overall market performance, driven by good performances in precious metals, oil and gas.
Posted by Andrew Johnston
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